Rivian Beats Q3 Expectations and Raises Delivery Outlook

Rivian Automotive reported third-quarter financial results on Thursday that surpassed Wall Street expectations, with revenue reaching nearly $2.2 billion. This figure represents a 38% increase over the previous year. The company reported an adjusted loss of 48 cents per share, a narrower loss than the 61 cents per share analysts had predicted.

The R2 SUV emerged as the company's top-selling vehicle during its first full quarter of availability. Based on these results, the company raised the bottom of its full-year delivery outlook to a minimum of 67,000 vehicles, while keeping the upper limit at 70,000.

In a leadership change, the company confirmed that Chief Financial Officer Claire McDonough will leave her position at the end of October. She is departing to join GE Vernova Inc. as its new chief financial officer.