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Rivian beats revenue estimates on high-end EV sales

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Rivian Automotive shares rose following better-than-expect quarterly results as the EV company stood by its production forecast of 50,000 cars

Rivian Automotive delivered better-than-expected quarterly revenue as it sold more higher-priced electric vehicles.Rivian shares added more than 5% in extended trading.

Rivian bucked the trend seen by rivals Lucid Group and Fisker Inc as each trimmed their production targets. A Rivian R1T electric truck is seen outside Munro & Associates headquarters in Auburn Hills, Michigan. The expected production ramp up of its in-house Enduro powertrains is helping to reach its target and offset parts supply issues.

 

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