Rivian Automotive Inc. (Nasdaq: RIVN) updated its 2023 production forecast from 52,000 to 54,000 during Tuesday’s third quarter earning report.
The EV manufacturer said in its shareholder letter that the boost was “due to the progress experienced on our production lines, the ramp of our in-house motor line, and the supply chain outlook”.
Rivian reported the production of 16,304 vehicles in the third quarter ended September, which was its strongest quarterly production volume to-date. The EV maker has produced 39,691 cars so far in 2023.
Revenue reached $1.3 billion in the third quarter, up 19% from a year ago and driven by the delivery of 15,564 vehicles, officials said. Rivian’s figures met analysts’ general consensus for revenue.
Shares were up 4.1% to $18.14 during after hours trading with a market cap of $16 billion.
