Rivian delivered way more vehicles than expected in Q3

Rivian Automotive Inc (NASDAQ: RIVN) says its deliveries topped estimates in the third quarter just as Baird analyst Ben Kallo predicted last week.

How many vehicles did Rivian deliver in Q3?

The EV company delivered 15,564 vehicles in its Q3 that translates to about a 23% annualised growth. Analysts, in comparison, had called for 14,000 only in its third quarter.

Quarterly production stood at 16,304 units – all of which were produced at its facility in Normal, Illinois, as per the press release on Monday.

Rivian ended its third quarter with $10.2 billion in cash. The electric vehicles manufacturer had opted to lower its headcount by 6.0% in February to strengthen its balance sheet.  

Shares of the Irvine-headquartered firm are now up just over 100% versus their year-to-date low in late April.

Rivian reiterates production guidance

On Monday, Rivian also reiterated its commitment to producing 52,000 vehicles in total this year. Other than the R1S and R1T, the Nasdaq-listed firm makes all-electric delivery vans for Amazon as well.

Rivian Automotive is scheduled to report its third-quarter financial results on November 7^th. Also today, Chris McNally – an Evercore ISI analyst raised his rating on the EV stock to “buy”. He now sees upside in “RIVN” to $35 that suggests another 45% upside from here.

Rivian shares are still marginally in the red at writing.    

The news arrives only days after Rivian updated its agreement to set up an electric vehicles factory in Georgia. The commitment to the state that binds it to invest $5.0 billion (at least) and create 7,500 new jobs will now span from December 31^st, 2030 to December 31^st, 2047.