Image source: Time
Rivian, the famous electric truck manufacturer, recently brought some good and bad news in its third-quarter earnings report.
The report comes after a brutal day for the shares of Rivian and other electric vehicle manufacturers.
Rivian reported a lower-than-expected adjusted loss of $1.4 billion, lower than the $1.7 billion loss analysts forecast by Refinitiv.
The report shows that net reservations increased to 114,000 from 98,000 in the second quarter.
However, the revenue of $536 million, up 47% from the second quarter, fell short of analysts’ forecasts of $552 million.
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The booking reservation was substantial after Lucid, another electric car maker, announced a surprising report late Tuesday.
The number of bookings for its electric vehicles dropped to 34,000 from 37,000 in the last quarter.
The news sent Lucid shares down 17% for the day.
It also dragged the shares of Rivian and Chinese electric vehicle maker Nio down 12% each during regular US trading hours.
Shares in major electric vehicle maker Tesla also fell 7%.
However, Tesla shares may have been hurt by CEO Elon Musk’s decision to sell nearly $4 billion worth of Tesla stock since the deal to buy Twitter was finalized.
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Rivian outlined its goal to increase production to 25,000 cars this year.
The target is optimistic, as other automakers have had to cut their 2022 sales targets due to supply chain issues.
Rivian built more than 14,000 vehicles in the first three quarters.
Reaching the production target of 25,000 would mean a 45% increase in production in the last three months of the year compared to the 7,400 built last quarter.
Although Rivian intends to hit its 2022 target, it has pushed back its target date for the small R2 model to 2026.
The company previously predicted 2025 for R2.
Finally, Rivian stock fluctuated wildly in the ratio in after-hours trading, gaining 3%, falling to trade slightly lower, and finally climbing 5%.
Rivian has both good and bad news at end of tough day for EV stocks