Rivian Automotive Inc. said Monday that it delivered more than 15,000 vehicles in the third quarter, which was more than double what it delivered a year ago.
Although the California-based electric vehicle maker said the deliveries are in line with its expectations, the stock
RIVN,
slumped 2.4% in premarket trading, putting it on track to snap a five-session win streak.
The company’s deliveries results comes as EV giant Tesla Inc.
TSLA,
reported third-quarter deliveries that missed expectations by a wide margin, which sent Tesla’s stock down more than 3%.
The company said it produced 16,304 vehicles at its manufacturing facility in Normal, Ill., while delivering 15,564 vehicles during the quarter. The FactSet consensus was for deliveries of 14,000 vehicles.
Production increased 120% from the 7,363 vehicles produced in the same period a year ago, while deliveries jumped 140% from 6,584.
Rivian said its believes it is on track to deliver on its previous provided guidance to produce 52,000 EVs a year.
Rivian’s stock, which had climbed 17.9% over the past five sessions, has run up 45.7% over the past three months, while the S&P 500 index
SPX
has lost 3.7%.
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