EV company Rivian Automotive RIVN reported a gross loss per unit delivered in the third quarter of $39,130, following a drop in deliveries in the three months through the end of September.
What Happened: Rivian delivered 10,018 electric vehicles in the third quarter, the lowest number of quarterly deliveries since the first quarter of 2023.
Gross loss per unit delivered subsequently rose to $39,130, marking a significant increase from the $32,705 loss per unit delivered reported in the second quarter.
The company narrowed down quarterly loss per vehicle delivered to its lowest in the fourth quarter of 2023 when its deliveries crossed 15,000 units for the first and only time. Deliveries slumped in the following quarter and loss per vehicle delivered subsequently rose.
Why It Matters: In October, Rivian cut its annual production forecast by as much as 18% to between 47,000 and 49,000 electric vehicles, citing production disruption owing to a component shortage.
However, the production disruption will not seemingly impact the company's delivery targets for it reaffirmed its 2024 delivery outlook of 50,5000 to 52,000 vehicles for the full year, helping relieve investor worries.
Rivian earlier this month said that it is on track to turn a gross profit in the fourth quarter. In the third quarter, the company reported a gross loss of $392 million.
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