Rivian Shares Rise After-Hours as EV Maker Reaffirms Delivery Outlook

Luzi Ann Santos wrote a column · Nov 8, 2024 06:00

$Rivian Automotive (RIVN.US)$ shares rose in extended trading Thursday after the electric vehicle maker reaffirmed the company's 2024 delivery outlook of 50,500 to 52,000 vehicles even as it reported a third-quarter revenue that missed analysts' estimates.

For the quarter ended Sept. 30, the company reported that revenue fell to $874 million from $1.34 billion a year earlier. Analysts, on average, expected $980.3 million, according to estimates compiled by Bloomberg. The company sold 10 million vehicles, trailing the 10.7 million expected by analysts. The company was hit by a production disruption due to shortage of a component.

The company also said it's on track to post positive gross profit for the fourth quarter of 2024.

"We are seeing meaningful progress on our second generation R1 material costs due to the new technologies incorporated into the vehicle and manufacturing process," the company said in its shareholder letter Thursday. "We have made meaningful progress in sourcing components for R2."

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