Rivian stock is about 87% below its IPO price of $78. The post Rivian Reports Quarterly Loss; 'On Track' For Gross Profit Per Vehicle Delivered appeared first on Investor's Business Daily.
Rivian posted a wider loss and lower sales than Wall Street expected, but says it is making progress with its next-generation EV platform.
Rivian CEO RJ Scaringe joins 'Closing Bell Overtime' to talk quarterly results, the impact of a second Trump administration and more.
CNBC's Phil LeBaue breaks down Rivian earnings.
Electric vehicle company Rivian Automotive RIVN reported third-quarter financial results after market close Thursday.
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.