Rivian rallies on strong EV sales

This is read by an automated voice.Please report any issues or inconsistencies here.

See more from the L.A.Times in Google Search.

Set us as preferred Rivian shares surged Friday after its latest results boosted optimism that the long-struggling electric-vehicle maker is headed toward better times.The Irvine-based manufacturer announced Thursday that it posted $2.15 billion in third-quarter revenue, up 38% from last year.

Vehicle deliveries were up 46%, driven by the new R2, which launched in June.The market applauded its results.

Rivian shares, which had tumbled more than 40% this year, rose more than 6% Friday to close at $12.16.Rivian hasn’t been profitable since its founding in 2009.It went public in 2021 and lost $3.6 billion last year.

Business Rivian will deliver its first R2 Performance vehicles to public customers this week.The new EV starts at $57,990.Chief Executive RJ Scaringe said Rivian is targeting positive automotive gross profits by the end of 2026.

It reported an automotive gross loss of $80 million for the third quarter this year, compared with a loss of $130 million in the third quarter last year.The company said the lower loss was driven primarily by higher delivery volumes and an improved per-unit margin.

The R2 was the company’s best-selling vehicle by volume in the quarter.Rivian produced 19,751 vehicles at its facility in Normal, Ill., and delivered 19,248 vehicles.

Business The electric vehicle maker Rivian cut about 2% of its workforce following the first deliveries of the R2 SUV, a key new model with a lower price tag.The company also raised the lower end of its full-year delivery guidance range to 67,000 units from 65,000.“Raising the delivery guidance shows that R2 production is ramping up, and that’s a good sign in the near term for Rivian,” said Morningstar analyst Seth Goldstein.

“I’m optimistic that Rivian will continue to drive profitability through increased R2 volumes.”Rivian currently sells onl...