on Monday record third-quarter electric vehicle deliveries and said it remains on track to produce 52,000 EVs in 2023.
The company said it delivered 15,564 vehicles during the period, up 23% from the and ahead of Wall Street estimates. Analysts surveyed by FactSet had expected Rivian to deliver about 14,000 vehicles in the quarter, on average.
Rivian produced 16,304 vehicles during the third quarter, all at its factory in Normal, Illinois.
Shares ended the day down over 2% on Monday.
The company also confirmed that it remains on track to build 52,000 vehicles in 2023, in line with its . Rivian currently builds a series of delivery vans for as well as its own R1T pickup and R1S SUV. All are fully electric vehicles.
Rivian took several steps earlier this year to reduce spending and bolster its balance sheet, including a in February and a $1.3 billion in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025. It had $10.2 billion in cash on hand as of June 30, its most recent update.
Rivian will announce its third-quarter earnings result after the U.S. markets close on Nov. 7.
