Q3 Expectations: Analysts expect a narrower loss of $1.32 per share, compared to last year’s loss of $1.57 per share. The Irvine, California-based company is projected to report revenue of $1.327 billion, as per Zenger News Pro data, marking a substantial 140% year-over-year increase from the previous year’s $551.57 million.
Rivian reported in early October that it produced and delivered 16,304 units and 15,564 units in the third quarter. The company remains on track to meet its annual production guidance of 52,000 units, as previously stated.
Rivian Stock Trajectory: Over the past year, Rivian shares have declined by 46.3%, performing worse than the KraneShares Electric Vehicles and Future Mobility Index ETF (NYSE:KARS), which experienced a 20% drop. This ETF tracks the performance of electric vehicle manufacturers and suppliers.
In contrast, the S&P 500 and the Nasdaq Composite have increased by 15.8% and 29.06%, respectively, during the same period.
Rivian saw a significant decline from November 2022 to December 2022. Although it attempted a recovery when the broader market improved in January 2023, it struggled to gain momentum, hitting a low of $11.68 (intraday) on April 26.
Following a relatively uneventful recovery until late June, the stock experienced a spike but failed to break past the consolidation phase observed in late 2022. Rivian reached its peak at just under $28 in late July and has since been in a broader downtrend.
EV maker Rivian Automotive Inc (NASDAQ:RIVN) has unenviably gained recognition for its ability to burn cash. Nevertheless, the company is gradually reducing losses and charting a path toward profitability.
Produced in association with Benzinga
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