On June 21, 2024, workers assembled the second generation R1 car at the manufacturing plant of electric vehicle manufacturer Rivian in Normal, Illinois, USA.
Joel Angel Juarez | Reuters
Rivian Cars The company lowered its profit forecast for the year after missing Wall Street’s third-quarter forecasts, including revenue that fell sharply short of expectations.
Here’s how the company performed during the quarter, compared to the average estimate compiled by the London Stock Exchange Group (LSEG):
- Loss per share: 99 cents adjusted Expected loss of 92 cents
- income: $874 million vs. $990 million expected
Rivian said it now expects an adjusted EBITDA loss of $2.83 billion to $2.88 billion. That compares with previous guidance for a loss of about $2.7 billion.
Rivian on Thursday reiterated plans to achieve “modest positive gross profit” in the fourth quarter of this year. The company reported third-quarter gross profit of negative $392 million, compared with a loss of $477 million in the same period last year.
The automaker’s net loss narrowed year-over-year to $1.1 billion, compared with $1.37 billion in the third quarter of 2023. Its revenue fell 34.6% year over year as supplier outages impacted the company’s production.
Rivian last month Lowers full-year production forecast Due to the disruption, the number dropped from 57,000 to 47,000 to 49,000 vehicles.
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