Electric vehicle company $Rivian Automotive (RIVN.US)$ reported third-quarter financial results after market close Wednesday. Here are the key highlights.
What Happened: Rivian reported third-quarter revenue of $536 million, missing a Street estimate of $551.6 million according to data from Benzinga Pro.
The company reported a loss of $1.57 per share, beating a Street estimate of a loss of $1.82 per share.
Rivian produced 7,363 vehicles and delivered 6,584 vehicles in the third quarter. Production was up 67% quarter-over-quarter for the company. Rivian has produced more than 15,000 vehicles since it began production.
The company said it had 114,000 pre-orders for the R1 as of Nov. 7, 2022. The company also revealed 100,000 orders from $Amazon (AMZN.US)$ and highlighted that Amazon said recently it had custom electric delivery vehicles operating in more than 100 U.S. cities.
What's Next: Rivian said the company's core focus is to ramp up production but admitted that supply chain constraints could be a limiting factor.
Based on our latest understanding of the supply chain environment, we are reaffirming our 2022 production guidance of 25,000 total units produced.
-the company said.
The increased ramp-up in production and added second shift for the R1 are keys for the fourth quarter, the company said.
Rivian plans to launch its R2 platform in 2026, which would unlock "a global market opportunity."
The company ended the third quarter with $14 billion in cash. Rivian said it believed it can fund operations with cash on hand through 2025, excluding the impact of an investment in a joint venture with Mercedes-Benz Group ADR (OTC:MBGYY).
RIVN Price Action: Rivian shares are up 6% in after-hours trading Wednesday.