On June 21, 2024, workers assembled the second-generation R1 car at the electric vehicle manufacturer Rivian’s manufacturing plant 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 a sharply lower revenue forecast.
Here’s how the company performed for the quarter, compared with average estimates 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 a loss on adjusted earnings before interest, taxes, depreciation and amortization 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 its plan 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 fell to $1.1 billion on the year, compared with $1.37 billion in the third quarter of 2023.
Rivian last month lowered its annual production forecast to 47,000 to 49,000 vehicles from 57,000 vehicles due to the disruption.
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