Rivian (RIVN) earnings Q3 2022

Electrical automobile maker Rivian Automotive on Wednesday reaffirmed its 25,000-vehicle manufacturing goal for 2022, however stated it plans to spend much less to do it as the corporate reported third-quarter income that fell wanting Wall Road’s estimate.

Listed here are the important thing numbers from Rivian’s third-quarter earnings report, in contrast with common Wall Road analyst expectations as complied by Refinitiv.

• Income: $536 million, versus $551.6 million anticipated.
• Adjusted loss per share: $1.57, versus an anticipated lack of $1.82 per share.

Rivian’s internet loss for the quarter was about $1.72 billion. As of September 30, the corporate had about $13.8 billion in money remaining, down from $15.5 billion as of June 30.

Rivian stated on Oct. 3 that it produced 7,363 autos within the third quarter and delivered 6,584 autos to clients through the interval. 12 months up to now, via the third quarter, Rivian produced 14,317 autos.

Rivian stated it now has “over 114,000” preorders for its R1-series vehicles and SUVs, up from about 98,000 preorders as of Aug. 11.

Rivian stated that it now expects its full-year capital expenditures to complete about $1.75 billion, down from the $2 billion it guided to after the second quarter.

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