Rivian Stock Is Moving Higher While Lucid Shares Slide: What's Going On?

Grand News Network | November 8, 2023

Shares of EV makers Rivian Automotive Inc (NASDAQ: RIVN) and Lucid Group Inc (NASDAQ: LCID) are moving in opposite directions Wednesday. Both companies reported quarterly results after the close on Tuesday. Here's a look at what's driving the action

RIVN Q3 Earnings: Rivian reported third-quarter revenue of $1.337 billion, which beat the consensus estimate of $1.327 billion, according to Benzinga Pro. The EV maker reported a quarterly loss of $1.19 per share, which beat analyst estimates for a loss of $1.32 per share.

Rivian said it produced 16,304 vehicles in the third quarter and delivered 15,564. The company raised its 2023 production guidance to 54,000, citing progress on production lines, the ramp of its in-house motor line and an improved supply chain outlook.

Rivian said Amazon.com Inc (NASDAQ: AMZN) now has over 10,000 electric delivery vehicles in its fleet and remains committed to bringing 100,000 ...

Full story available on Benzinga.com

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