Rivian Continues To Make Progress While The Electric Pickup Concept Continues To Evolve

Grand News Network | November 8, 2023

On November 11th, Rivian Automotive Inc (NASDAQ: RIVN) delivered its third quarter results that topped Wall Street estimates while also increasing its EV production guidance. Rivian showed it continues to make progress but it already achieved to become the first EV maker who got the world’s first electric pickup to the road, beating even the EV king, Tesla Inc (NASDAQ: TSLA). While Tesla plans to finally deliver the eagerly anticipated Cybertruck at the end of the month, Reuters reported on Monday that it is reportedly planning to build an affordable EV at its Berlin Gigafactory after Musk has been hinting a below $30,000 vehicle to boost EV transition since 2018.

Rivian Tops Estimates And Boosts Production Guidance

Rivian earlier reported that it made 16,304 EVs, including R1S SUV, the R1T and the commercial vans for Amazon.com Inc (NASDAQ: AMZN) while delivering 15,564 during the third quarter. Rivian lost less than feared from its operations as loss amounted $1.19 a share on revenue that rose 149% $1,337 million. Rivian also revealed it is no longer locked into an exclusive agreement with Amazon and therefore, is now able to sell its commercial vans elsewhere. But it will still deliver 100,000 electric vans to Amazon by the end of the decade, as promised under the deal.

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