Rivian Stock Is Moving Higher While Lucid Shares Slide: What's Going On?

Shares of EV makers Rivian Automotive Inc RIVN and Lucid Group Inc LCID are moving in opposite directions Wednesday. Both companies reported quarterly results after the close on Tuesday. Here's a look at what's driving the action. 

RIVN Q3 Earnings: Rivian reported third-quarter revenue of $1.337 billion, which beat the consensus estimate of $1.327 billion, according to Benzinga Pro. The EV maker reported a quarterly loss of $1.19 per share, which beat analyst estimates for a loss of $1.32 per share.

Rivian said it produced 16,304 vehicles in the third quarter and delivered 15,564. The company raised its 2023 production guidance to 54,000, citing progress on production lines, the ramp of its in-house motor line and an improved supply chain outlook.

Rivian said Amazon.com Inc AMZN now has over 10,000 electric delivery vehicles in its fleet and remains committed to bringing 100,000 electric delivery vehicles to the road. The EV maker also announced that it will now allow other companies to begin purchasing its delivery vehicles. 

"We remain focused on ramping production and implementing core technologies designed to reduce cost and improve the customer offering," the company said in a letter to shareholders.

On the conference call following the print, CEO RJ Scaringe said demand for the company's vehicles remains strong and he expects Rivian's R2 platform to further build Rivian's position in the market by offering consumers more choice.

Rivian shares were up nearly 6% at last check. The strength appears to be due to the company's better-than-expected results and raised production guidance.

See Also: Rivian Vs Lucid: Fund Manager Gary Black Dissects Divergent Tale Of 2 EV Makers After Q3 Results

LCID Q3 Earnings: Lucid reported mixed third-quarter results. The company turned in revenue of $137.81 million, which missed the consensus estimate of $183.84 million, but reported a quarterly loss of 28 cents per share, which beat analyst estimates for a loss of 35 cents per share, according to Benzinga Pro.

While Rivian increased production guidance, Lucid lowered its full-year production forecast from a previous outlook of more than 10,000 to a new range of 8,000 to 8,500 vehicles. 

Lucid noted that its new electric SUV, Lucid Gravity, will be unveiled on Nov. 16. The company ended the quarter with $5.45 billion in liquidity, which is expected to carry it into 2025. 

"We are seeing results from our targeted marketing approach, as the majority of new demand came from customers who had their first contact with Lucid in the quarter," said Sherry House, CFO of Lucid.

"We’ve also made progress with the cost control program we implemented in the first half of the year and have identified further opportunities for 2024."

Lucid shares were down 5.8% at the time of publication, according to Benzinga Pro. Weakness appears to be due to weaker-than-expected revenue results and the lowered production guidance. 

Photos: courtesy of Rivian & Lucid.