Rivian (RIVN) Q3 2023 deliveries outperform

Rivian Automotive on Monday reported record third-quarter electric vehicle deliveries and said it remains on track to produce 52,000 EVs in 2023.

The company said it delivered 15,564 vehicles during the period, up 23% from the second quarter of 2023 and ahead of Wall Street estimates. Analysts surveyed by FactSet had expected Rivian to deliver about 14,000 vehicles in the quarter, on average.

Shares of the EV maker, however, fell 4% in premarket trading after the report.

Rivian produced 16,304 vehicles during the third quarter, all at its factory in Normal, Illinois.

Rivian also confirmed that it remains on track to build 52,000 vehicles in 2023, in line with its previous guidance to investors. Rivian currently builds a series of delivery vans for Amazon as well as its own R1T pickup and R1S SUV. All are fully electric vehicles.

Rivian took several steps earlier this year to reduce spending and bolster its balance sheet, including a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025. It had $10.2 billion in cash on hand as of June 30, its most recent update.

Rivian will announce its third-quarter earnings result after the U.S. markets close on Nov. 7.