SAN FRANCISCO - Electric-vehicle maker Rivian Automotive on Monday reported third-quarter deliveries above analysts' estimates, as it ramped up production to meet a sustained demand for its pickup trucks and sport-utility vehicles .
The stronger-than-expected numbers from Rivian come amid concerns of softening demand for electric vehicles in the U.S. due to higher borrowing costs, which has prompted price cuts and discounts by rivals including Tesla. It produced 16,304 vehicles at its facility in Normal, Illinois, up from 13,992 in the second quarter. That means Rivian has to make just more than 12,300 vehicles in the current quarter to hit its full-year target.
Rivian has stayed away from cutting prices. Instead, it has been cutting cost and moved to building in-house Enduro powertrains to reduce its dependency on suppliers.
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