Rivian Reports Strong Q3 Deliveries and Production, Stock Falls on Unchanged Outlook
Rivian Automotive (NASDAQ: RIVN) reported third-quarter vehicle deliveries of 19,248 units and production of 19,751 vehicles. These figures exceeded expectations but were in line with the company's guidance for the quarter. Despite this positive news, Rivian stock closed down by 3.12% at $14.30 after an initial spike following the announcement. The company reaffirmed its full-year delivery outlook and is expected to report over 28,000 units shipped in Q4 to reach the high end of that range. Rivian's third-quarter results marked a 46% increase compared to last year, with potential for nearly tripling fourth-quarter deliveries from the previous year if it meets its targets. The broader market saw gains on October 2, with the S&P 500 rising by 0.73%, and the Nasdaq Composite up by 1.19%. Among EV manufacturers, Tesla shares rose sharply while Lucid Group declined.
Topics: electric vehicles (EVs) market performance Q3 results Rivian