Workers assemble second-generation R1 vehicles at electric auto maker Rivian’s manufacturing facility in Normal, Illinois, U.S. June 21, 2024.Â
Joel Angel Juarez | Reuters
Rivian Automotive missed Wall Street’s third-quarter expectations and saw a significant drop in revenue.
Here’s how the company performed in the quarter, compared with average estimates compiled by LSEG:
- Loss per share:Â 99 cents adjusted vs. a loss of 92 cents expected
- Revenue:Â $874 million vs. $990 million expected
Rivian reconfirmed plans Thursday to achieve a “modest positive gross profit” during the fourth quarter of this year. The company reported a negative gross profit of $392 million for the third quarter compared with a loss of $477 million a year earlier.
The automaker’s net loss narrowed year-over-year to $1.1 billion compared to $1.37 billion during the third quarter of 2023. Its revenue compared to a year ago dropped by 34.6% amid supplier disruptions that impacted the company’s production.
Rivian last month lowered its annual production forecast from 57,000 units to between 47,000 and 49,000 due to the disruption.
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