Rivian Stock Upshifts On Strong Q3 Earnings: EPS Beat, Revenue Beat, Increased Production Guidance And More
Portfolio Pulse from Adam Eckert
Rivian Automotive Inc (NASDAQ:RIVN) reported strong Q3 earnings, beating both EPS and revenue estimates. The company also increased its 2023 production guidance to 54,000 vehicles, citing progress on production lines and an improved supply chain outlook. Rivian ended the quarter with $9.13 billion in cash, equivalents and short-term investments. Amazon.com Inc (NASDAQ:AMZN), which has over 10,000 electric delivery vehicles from Rivian in its fleet, remains focused on bringing 100,000 delivery vans to the road.
November 07, 2023 | 9:27 pm
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POSITIVE IMPACT
Amazon, which has over 10,000 electric delivery vehicles from Rivian in its fleet, remains committed to bringing 100,000 delivery vans to the road.
Amazon's continued commitment to Rivian's delivery vans indicates a positive outlook for its green initiatives, which could boost investor confidence in Amazon.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60
POSITIVE IMPACT
Rivian reported strong Q3 earnings and raised its 2023 production guidance, which could boost investor confidence.
Rivian's strong Q3 earnings and increased production guidance indicate a positive outlook for the company, which could lead to a rise in its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100