Image source: Time
Rivian, the well-known electric truck manufacturer, recently announced some good and bad news for 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.
It was less than the $1.7 billion loss forecast by Refinitiv analysts.
The report shows net bookings fell from 98,000 to 114,000 in the second quarter.
However, the revenue of $536 million, up 47% from the second quarter, was below analysts’ forecast of $552 million.
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The reservation gain was significant after Lucid, another electric car maker, announced a surprise report Tuesday night.
Reservation numbers for its electric vehicles dropped to 34,000 from 37,000 in the previous quarter.
The news sent Lucid’s shares down 17% for the day.
It also posted shares of Rivian and Chinese electric vehicle maker Nio down 12% each during regular US hours.
Shares in major electric car maker Tesla also fell 7%.
However, Tesla stock may have been hurt by CEO Elon Musk’s decision to sell nearly $4 billion worth of Tesla stock since the signing of the Twitter buyout agreement.
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Rivian aims 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 had previously predicted 2025 for the launch of R2.
Finally, Rivian stock fluctuated wildly in after-hours trading, rising 3%, falling to trade slightly lower, and rising again by 5%.
Rivian has both good and bad news at end of tough day for EV stocks