Rivian has both good and bad news at the end of a tough day for EV stocks

New York
CNN Business

After a brutal day for its stock and other electric vehicle makers, electric truck maker Rivian gave investors a mixed bag in its third-quarter earnings report.

On one hand, Rivian reported an adjusted loss of $1.4 billion, less than the $1.7 billion forecast by analysts surveyed by Refinitiv. It also said net bookings rose to 114,000 from 98,000 in its second quarter report.

But its revenue of $536 million, while up 47% from second-quarter revenue, fell short of analysts’ revenue forecast of $552 million.

The gain in bookings comes after electric carmaker Lucid said late on Tuesday that the number of bookings for its EVs fell to 34,000 from 37,000 in the previous quarter’s report.

That message was sent by Lucid

Shares fell 17% on the day, helping drag down shares of both Rivian and Chinese EV maker Neo.

12% each in regular hours US trading.

Tesla, the leading EV maker

Shares fell 7%, though that may have been more affected by news from CEO Elon Musk Sold nearly $4 billion worth of Tesla

(TSLA) He shares first Closes deal to buy Twitter Two weeks ago.

Rivian reaffirmed its goal of building 25,000 vehicles this year, a target that is as good as other automakers, including Tesla. Reduce sales targets per year due to supply chain issues.

In the first three quarters of the year, Rivian built more than 14,000 vehicles, so reaching the 25,000 production target for the year would mean a 45% increase over the 7,400 in production in the final three months of the year. Completed quarter.

But while it says it’s on target to hit that 25,000 target by 2022, it pushed back its target date of getting its smaller R2 model to 2026.

Rivian’s shares swung wildly on the report in after-hours trading, first gaining 3%, then trading slightly lower and then up 5%.

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