Transportation
Rivian Beats EV Production Estimates With Shipments Rebounding
- Plant switch to build R2 will limit sales next quarter: BI
- Shares have plunged on production hurdles, higher costs
A Rivian electric pickup truck at a Rivian service center in New York City.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Rivian Automotive Inc. built and delivered more electric vehicles last quarter than Wall Street expected, though it stood by its 2024 output target of about 57,000 units.
The results and unchanged full-year outlook failed to soothe investor concerns about the EV market. Rivian shares fell 4.6% at 12:02 p.m. in New York, bringing year-to-date losses to about 55%.