Rivian sticks to EV production target, now has 114,000 R1 preorders

Electric conveyance shaper Rivian Automotive connected Wednesday reaffirmed its 25,000-vehicle accumulation people for 2022, but said it plans to walk little to bash it arsenic the institution reported third-quarter gross that fell abbreviated of Wall Street's estimate.

Here are the cardinal numbers from Rivian's third-quarter net report, compared with mean Wall Street expert expectations arsenic complied by Refinitiv.

• Revenue: $536 million, versus $551.6 cardinal expected.
• Adjusted nonaccomplishment per share: $1.57, versus an expected nonaccomplishment of $1.82 per share.

Rivian's nett nonaccomplishment for the 4th was astir $1.72 billion. As of September 30, the institution had astir $13.8 cardinal successful currency remaining, down from $15.5 cardinal arsenic of June 30.

Rivian said connected Oct. 3 that it produced 7,363 vehicles successful the 3rd quarter and delivered 6,584 vehicles to customers during the period. Year to date, done the 3rd quarter, Rivian produced 14,317 vehicles.

Rivian said it present has "over 114,000" preorders for its R1-series trucks and SUVs, up from about 98,000 preorders arsenic of Aug. 11.

Rivian said that it present expects its full-year superior expenditures to full astir $1.75 billion, down from the $2 cardinal it guided to aft the 2nd quarter.

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