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Business

Rivian has both good and bad news at the end of a tough day for electric car shares





New York
CNN Business

Electric truck maker Rivian delivered a mixed bag for investors in its third-quarter earnings report, after a brutal day for its stock and shares of other electric car makers.

On the one hand, Rivian reported a smaller-than-expected adjusted loss of $1.4 billion, less than the $1.7 billion loss forecast by analysts surveyed by Refinitiv. And it said net reservations rose to 114,000 from 98,000 in its second-quarter report.

But revenue of $536 million, while up 47% from second-quarter earnings, fell short of analysts’ revenue forecast of $552 million.

The increase in reservations was notable after electric car maker Lucid reported late Tuesday that the number of reservations for the electric cars had fallen to 34,000 from 37,000 in the previous quarter’s report.

The news sent Lucid ( LCDX ) shares down 17% for the day and helped drag shares of both Rivian and Chinese electric car maker Nio ( NIO ) down 12% each during regular U.S. trading.

Leading electric car maker Tesla ( TSLA ) also had shares fall 7%, but that could well have been more impacted by news that CEO Elon Musk had sold nearly $4 billion in Tesla ( TSLA ) shares since closing the deal to buy Twitter two weeks ago.

Rivian also reaffirmed its goal of ramping up production to build 25,000 cars this year, a bullish target that other automakers, including Tesla, have had to cut their sales targets for the year due to supply chain issues.

During the first three quarters of this year, Rivian built just more than 14,000 vehicles, so reaching the production target of 25,000 for the year would mean a 45% increase in production in the last three months of the year compared to the 7,400 it built just completed quarter.

But while it says it remains on target to hit its 2022 target of 25,000, it pushed back the target date for availability of the smaller R2 model to 2026. It had previously predicted a 2025 rollout for that model.

Shares in Rivian swung wildly on the report in after-trade, first up 3%, then fell to trade slightly lower, then rose 5%.



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