Rivian, the electric vehicle startup, exceeded expectations with its third-quarter vehicle deliveries. The company produced 16,304 vehicles and delivered 15,564 vehicles during this period, surpassing analyst consensus predictions. Rivian aims to achieve an annual production of 52,000 vehicles in 2023. The company’s stock initially rose but later fell during Monday’s market trade. Despite challenges and supply-chain issues, Rivian has been on a roller coaster ride since its IPO two years ago. It currently produces electric pickup trucks, SUVs, and commercial vans.
Last week, Baird analyst Ben Kallo expressed optimism about Rivian’s third-quarter deliveries, designating the company’s stock as a “bullish fresh pick.” This sentiment was echoed by Evercore ISI, which upgraded Rivian stock to outperform and compared it to industry giants Tesla and BYD. However, Rivian stock fell 2.5% during Monday’s trading session. UBS initiated coverage of Rivian stock with a neutral rating and predicted that the company would achieve positive gross margin in 2024. Despite some fluctuations, Rivian stock remains up about 40% for the year.
Rivian’s performance in the third quarter demonstrates its continued progress and growing market presence. With its strong delivery numbers, the company is positioning itself as a major player in the electric vehicle industry. However, challenges such as supply-chain issues and the need for additional capital raise to support future growth still lie ahead. As Rivian works towards achieving larger volumes and profitability, investors will continue to closely monitor its performance.