Rivian Automotive reported better-than-expected third-quarter income on Tuesday and raised its manufacturing forecast for the complete yr by 2,000 autos to 54,000 items.
Shares of Rivian, which closed 1.4% larger, rose greater than 3% in prolonged buying and selling.
The electrical-vehicle maker additionally stated it would finish its exclusivity deal to largest shareholder Amazon for its electrical supply van, opening the door for extra prospects around the globe
Rivian added it was talking with extra prospects who’re within the Rivian Industrial Car platform, which underpins its electrical supply vans, and reiterated its dedication to fulfilling the order of 100,000 vans to Amazon by 2030.
The corporate had beforehand stated gross sales of its higher-priced SUV have been strongly outpacing R1T and has began to appreciate the consequences of its value hikes from March final yr, enhancing the common promoting value of its autos.
Rivian had reported third-quarter deliveries above market expectations final month.
The corporate has stayed away from reducing costs and has as an alternative taken to creating its Enduro powertrains in-house to scale back its dependency on suppliers and slash prices, a transfer broadly appreciated by buyers and analysts.
Lucid cuts manufacturing forecast
Lucid Group stated on Tuesday it now expects to supply 8,000–8,500 autos this yr from its earlier projection of greater than 10,000 items.
The corporate stated it was reducing manufacturing forecast “to prudently align with deliveries”.
Shares of the corporate fell 4% in prolonged buying and selling.
The corporate reported third-quarter income of $137.8 million in contrast with analysts’ estimates of $183.8 million, in accordance with LSEG.
Income for the July-September interval stood at $1.34 billion, in contrast with Wall Road estimates of $1.33 billion, in accordance with LSEG knowledge.
The corporate reported a internet lack of $1.37 billion for the third quarter, in contrast with a lack of $1.72 billion a yr earlier.
Money and money equivalents on the finish of the September quarter had been $7.94 billion, in contrast with $9.26 billion within the previous three-month interval.