Rivian Automotive Inc. reported on Tuesday that its revenues reached $1.34 billion in the third quarter of fiscal year 2023, a 149% surge from the same timeframe in 2022, surpassing estimates. Diluted net loss per share changed from $1.88 to land on $1.44, while loss from operations went from $1.7 billion to $1.4 billion in the three-month period that ended on September 30, 2023.
"We remain focused on ramping production and implementing core technologies designed to reduce cost and improve the customer offering. Based on the progress of our production ramp, including the ramp of our in-house motor, along with our current view of the supply chain, we are increasing our production guidance to 54,000," the electric vehicle maker said.
The company's stock climbed 1.02% in the after-hours trading following the quarterly report.
