Automobile

RIVIAN: 2022 forecast maintained after 6,584 deliveries in Q3

Rivian Automotive Inc. said it produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles in the quarter ended Sept. 30.

The company, in a statement Monday, also reiterated its full-year production target of 25,000 vehicles, sending shares up 8.8 percent in premarketing trading on Tuesday.

The EV startup backed by Amazon and Ford Motor Co. produced 4,401 and delivered 4,467 vehicles in the preceding quarter.

Rivian’s rival and the world’s most valuable automaker Tesla Inc. missed market expectations for deliveries in the third quarter.

Tesla cited higher costs and headwinds in logistics for the shortfall, which together with rising costs of materials and a dull outlook for global economic growth weighed on EV stocks on Monday.

At its most recent quarterly report, Rivian had said it expected higher operating losses for the full year due to rising costs.

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