The US electric vehicle start-up Rivian said on Monday local time that in the third fiscal quarter that ended September 30, the company’s plant in Normal, Illinois produced 7,363 electric vehicles and delivered 6,584 during the same period.
Rivian 's shares rose 9 percent in after-hours trading, emphasizing that it will complete its production target of 25,000 vehicles for the full year of 2022. Rivian is backed by investors including e-commerce Amazon. In the second quarter of this year, Rivian produced 4,401 electric vehicles and delivered 4,467. In the third quarter, Rivian rival Tesla, the world's most valuable automaker, missed market expectations for deliveries.
Tesla cited rising manufacturing costs and logistical headwinds as the main reasons for the shortfall. Rising raw material costs and a poor outlook for global economic growth weighed on electric-vehicle stocks on Monday. In its most recent quarterly report, Rivian said it expected the company's full-year operating loss to increase due to rising costs.