EV maker Rivian beats Q3 delivery estimates after raising production

SaltWire's Atlantic regional weather forecast for October 2, 2023 | SaltWireSAN 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.

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EV maker Rivian beats Q3 delivery estimates after raising productionElectric-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 (SUVs). 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. Rivian, which makes R1T pickup trucks and R1S SUVs, delivered 15,564 vehicles in the quarter ended Sept. 30, compared with Visible Alpha estimates of 14,740 vehicles and up 23% from the second quarter.
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