Rivian Automotive edges higher after reaffirming full-year deliveries guidance

Rivian Automotive (NASDAQ:RIVN) traded slightly higher on Thursday after reporting Q3 results and updating on its 2024 outlook. Revenue fell 35% during the quarter to $874 million as demand for R1 vehicles was negatively impacted by production disruption and a challenging consumer backdrop.

The company announced that it produced 13,157 vehicles at its manufacturing facility in Normal, Illinois during Q3 and delivered 10,018 vehicles during the period. The electric vehicle maker noted that it is experiencing a production disruption due to a shortage of a shared component within its Enduro motor system on the R1 and RCV platforms. The RIVN team is working urgently in close partnership with the supplier to ramp additional capacity to accommodate planned production.

Adjusted EBITDA for the quarter was -$757 million, vs. -$902 million for the same period a year ago.

On the balance sheet, Rivian Automotive (RIVN) had a cash position of $6.74 billion at the end of the quarter. Including the capacity under its asset-based revolving-credit facility, the company ended the quarter of 2024 with $8.11 billion of total liquidity.

Looking ahead, Rivian (RIVN) reaffirmed its delivery outlook of between 50,500 to 52,000 vehicles and $1.20 billion in capital expenditures. Rivian (RIVN) said it was still on track for positive gross profit for Q4.

“Over the long-term we believe Rivian’s value will be determined by the scale it can reach with its midsize platform including the R2, R3, and R3X, as well as our ability to continue to reduce costs and develop differentiated technologies. Our midsize platform is expected to address global market segments and is designed to build upon our industry-leading technology platform as well as our focus on reducing manufacturing complexity and cost efficiency.”

Shares of RIVN were up 0.6% in the postmarket session after gaining 3.4% during regular trading. Short interest on RIVN stands at 13.7% of the total float. Rivian Automotive (RIVN) will hold an earnings conference call at 5:00 p.m. Elsewhere in the EV sector, Tesla (TSLA) was up 2.9% on Thursday, while Lucid Group (LCID) moved 4.0% higher.