Rivian Automotive (NASDAQ:RIVN) shares rose nearly 2% after-hours following the company’s reported Q3 results, with revenue of $1.34 billion coming in better than the consensus estimate of $1.31B. EPS for the quarter was ($1.44), compared to the consensus estimate of ($1.34).
Looking ahead, Rivian adjusted its full-year 2023 production outlook, raising the target to 54,000 electric vehicles (EVs), a boost from the previous target of 52,000 units. This revision is attributed to the progress experienced on its production lines, the ramp of its in-house motor line, and the supply chain outlook.
Furthermore, the company announced the termination of its exclusivity deal with Amazon (NASDAQ:AMZN), its largest shareholder, concerning its electric delivery van. This change signifies that Rivian's custom-designed commercial van will now be available for purchase by other companies worldwide.