Rivian Automotive Inc. left investors disappointed as it maintained its full-year guidance, despite surpassing expectations for production and deliveries in the third quarter. In an announcement on Monday, the electric-vehicle maker stated that it remains on track to produce 52,000 battery-electric vehicles this year, a figure that fell below analysts' projections. However, Rivian managed to deliver 15,564 EVs to customers in the third quarter, exceeding the estimated 14,973 deliveries anticipated by analysts. Moreover, production in the same period also topped estimates, reaching 16,304 vehicles.
Following this news, Rivian's shares experienced a slight decline of 0.8% at the opening of the New York Stock Exchange. Prior to this announcement, the company's stock had performed well, with a 32% increase year-to-date as of September 29th.
Rivian, known for manufacturing two consumer models and a plug-in delivery van for Amazon.com Inc., its largest shareholder, is considered a leading contender in the race against incumbent market player Tesla Inc. However, the company has faced challenges in its supply chain and has experienced a slower production ramp since going public in November 2021. This has hindered the company's ability to meet analysts' expectations for its full-year guidance.
Despite the disappointment in projected numbers for the year, Rivian's ability to exceed delivery estimates in the third quarter may provide some optimism for investors. The company's ongoing efforts to address supply-chain challenges and ramp up production will be closely monitored as it strives to gain further ground in the competitive electric-vehicle market.