Electric vehicle manufacturer Rivian Automotive exceeded market expectations in its third-quarter deliveries, with 15,564 vehicles delivered, up 23% from the previous quarter. The California-based startup is on track to produce 52,000 vehicles in 2023, thanks to the easing of supply-chain bottlenecks. This target was raised from 50,000 vehicles in August.
However, Rivian’s stock saw a marginal dip as some investors were anticipating a larger delivery beat, according to Needham & Co analyst Chris Pierce. The company produced 16,304 vehicles at its Illinois facility, compared to 13,992 in the second quarter, leaving it with just over 12,300 vehicles to produce in the current quarter to meet its full-year goal.
In contrast to some competitors like Tesla, which have reduced prices to stimulate demand, Rivian has focused on cost-cutting and developing in-house Enduro powertrains to reduce reliance on suppliers.
Despite concerns of softer EV demand in the U.S. due to higher borrowing costs, the American EV industry continues to show positive signs of growth, becoming one of the fastest-growing EV markets, according to Canalys Research.