By Ed Ludlow | Bloomberg
Rivian Automotive disappointed investors by maintaining its full-year guidance even as production and deliveries in the third quarter exceeded Wall Street expectations.
The Irvine-based electric-vehicle maker said in a statement Monday that it’s on track to meet its guidance of producing 52,000 battery-electric vehicles this year, less than analysts projected. In the third quarter, it delivered 15,564 EVs to customers, more than the 14,973 analysts had expected, on average. Production in the quarter also topped estimates at 16,304 vehicles.
The shares slipped 0.8% at 9:32 a.m. in New York. The stock had risen 32% so far this year through Sept. 29.
Rivian makes two consumer models and a plug-in delivery van for Amazon.com Inc., its biggest shareholder. It is a front-runner in a large pack of startups chasing market incumbent Tesla Inc., but it has struggled with supply-chain challenges and a slow ramp since its November 2021 initial public offering.
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