- Rivian beats consensus for Q3 on adjusted losses and revenue.
- EV company raises full-year guidance for production to 54,000 vehicles.
- Exclusivity deal with Amazon for EV vans is being shelved in favor of a wider customer base.
Rivian (RIVN) reported third-quarter results that largely overcame dour Wall Street expectations late Tuesday. The RIVN stock price, however, quickly gave up on a robust post-market rally with shares gaining 5% initially before scaling back to a 1% gain.
The electric vehicle (EV) company managed to surpass the analyst consensus for an adjusted loss of $-1.32 per share in Q3, instead reporting a loss of $-1.19 per share. Revenue of $1.34 billion beat the Street as well by $50 million or so.
Management said that selling a greater number of its higher-priced SUVs compared with its electric pickup trucks contributed to the narrowing of losses. Executives also raised its full-year production outlook by 2,000 vehicles to a total of 54,000.
The company said it had decided to end its exclusive deal with major shareholder Amazon (AMZN) for the delivery of EV vans by opening the model to other buyers, but Rivian reiterated a pledge to deliver the full 100,000 vans to the ecommerce heavyweight by 2030.
Rivian reduced its quarterly net loss by about $350 million from the same period a year ago, but the company burned through roughly $1.3 billion of its cash pile in the quarter. The company ended the third quarter with a little more than $7.9 billion.
RIVN 1-hour chart
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