FMP
Rivian’s Cost Cuts and Production Progress Outshine Q3 Revenue Miss
Nov 8, 2024 12:03 PM - Davit Kirakosyan
Image credit: FMP
Electric vehicle manufacturer Rivian Automotive (NASDAQ:RIVN) posted its third-quarter results that missed analyst revenue expectations but showcased significant strides in cost reduction and production targets.
The company reported revenue of $874 million, below the anticipated $1.01 billion, and posted an adjusted loss per share of -$1.08, wider than the forecasted -$0.95. Despite these shortfalls, Rivian delivered 10,018 vehicles and produced 13,157 at its Illinois facility in Q3, reflecting steady production momentum.
Investors appeared encouraged by Rivian’s focus on achieving positive gross profit in Q4 2024, citing progress in revenue per unit, variable cost reductions, and fixed-cost efficiency. The company reaffirmed its full-year delivery goal of 50,500 to 52,000 vehicles.
Rivian CEO RJ Scaringe highlighted advancements in reducing the Gen 2 R1 cost structure, supported by new vehicle technologies and an optimized manufacturing process. However, Rivian lowered its 2024 production outlook to 47,000-49,000 vehicles due to component shortages and adjusted its annual adjusted EBITDA loss forecast to between $2.825 billion and $2.875 billion.
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