New York
CNN Business
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Electric truck maker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its shares and those of other electric vehicle makers.
For one thing, Rivian reported a lower-than-expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast by analysts surveyed by Refinitiv. And it said net bookings rose to 114,000 from 98,000 in its second-quarter report.
But its revenue of $536 million, while up 47% from second-quarter revenue, fell short of analysts’ revenue forecast of $552 million.
The rise in bookings was notable after electric carmaker Lucid reported Tuesday night that the number of bookings for its electric vehicles had fallen to 34,000 from 37,000 in the previous quarter’s report.
That news sent shares of Lucid (LCDX) down 17% for the day and helped drag shares of Rivian and Chinese electric vehicle maker Nio (NIO) down 12% each in normal hours. US trading
Major electric vehicle maker Tesla (TSLA) also had shares down 7%, though that may well have been more influenced by news that CEO Elon Musk had sold nearly $4 billion worth of Tesla stock ( TSLA) since closing the deal to buy Twitter two weeks ago. behind.
Rivian also reaffirmed its goal of ramping up production to make 25,000 vehicles this year, a bullish target as other automakers including Tesla have had to cut their sales targets for the year due to supply chain issues.
In the first three quarters of this year, Rivian built just over 14,000 vehicles, so hitting the 25,000 production target for the year would mean a 45% increase in production in the last three months of the year compared to to the 7,400 it made in the last three months. trimester completed.
But while it says it remains on target to hit that 25,000 goal by 2022, it pushed back its target date for availability of its smallest R2 model to 2026. It had previously forecast a 2025 launch for that model.
Rivian shares swung sharply on the report in after-hours trading, first gaining 3%, then falling to trade slightly lower, then rising 5%.