Rivian beats quarterly revenue estimates on higher-priced EV sales

:Rivian Automotive Inc on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars.

Tesla Inc has cut prices globally this year as part of its recession playbook to increase sales volumes, pressuring smaller EV players that started deliveries just about a year ago. The company did not provide details of its pre-orders at the end of the quarter amid demand concerns aggravated by higher borrowing costs and industry leader Tesla's aggressive price cuts.Amazon-backed Rivian said in March it would sell $1.3 billion in convertible green bonds due in 2029 to shore up its cash balance. Analysts view it as a temporary fix.

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