Rivian reported Thursday revenue of $874 million in the third quarter — more than 12% lower than analysts estimates — as the EV startup struggled to resolve a component shortage that disrupted production of its recently overhauled flagship R1S and R1T vehicles.
Rivian posted its first drop in quarterly revenue on Thursday since the electric vehicle maker went public three years ago.
Rivian Automotive missed Wall Street's third-quarter expectations, including a massive difference in revenue of $116 million. The automaker's net loss narrowed year-over-year to $1.1 billion compared with $1.37 billion during the third quarter of 2023.
Rivian (RIVN) reports earnings after the closing bell, and it comes as the EV industry is driving through what Karl Brauer calls a "tough environment." He argues it will be "hard to see" growth for the industry under a Trump administration in the U.S. with sales already plateauing for Rivian and its peers.
Wall Street is expecting the electric-vehicle maker to report a third-quarter loss of 96 cents a share, but investors want to hear post-election updates.
Electric vehicle (EV) maker Rivian Automotive Inc. (NASDAQ: RIVN) is set to release its third-quarter earnings report on November 7, marking a critical moment for the company as it grapples with substantial headwinds.
Investors may be wondering why Rivian shares are plunging while Tesla stock is shooting higher.
Rivian is expected to report on Thursday its first drop in quarterly revenue since going public three years ago, after a shortage of parts forced the maker of electric SUVs and pickups to slash its 2024 production target last month.
Here's what Rivian could say on Nov. 7 to spark a rally in the stock.
Rivian Automotive RIVN is slated to release third-quarter 2024 results on Thursday, after market close. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a loss of 89 cents a share on revenues of $970.7 million.
Rivian shares are down 21% due to supply chain issues and demand problems, leading me to downgrade to a "hold" rating. The Volkswagen deal is crucial, with $2 billion in performance-based funding at stake, pivotal for Rivian's long-term viability. Rivian's Q3 earnings report will be critical in assessing their ability to navigate losses and secure further funding.
Rivian shares have lost almost all their value since hitting public markets. Will they ever recover?