Rivian Automotive Inc (NASDAQ:RIVN) is expected to report an about 155% year-over-year jump in revenue for the third quarter driven by increased electric vehicle (EVs) deliveries.
The EV-maker will hand down its third quarter financial results after the market closes on Tuesday, November 7.
Wall Street analysts expect Rivian to report revenue of $1.36 billion for the quarter, up about 155% from $536 million in the year-ago quarter.
Its loss per share is expected to improve from $1.57 to a loss per share of $1.36.
The company in early October released its production results for the quarter and at that time said it believes it is on track to deliver the 52,000 EVs for 2023 it has previously guided.
During 3Q it produced 16,034 vehicles at its Normal, Illinois, facility and delivered 15,564 vehicles, compared to 7,363 vehicles produced and 6,584 delivered in the same three months in 2022.
This outperformed Street expectations of 14,000 vehicles delivered in the quarter.
Rivian shares traded at US$16. The stock has decreased 7.6% in the year to date.
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