Rivian (NASDAQ:RIVN) Automotive Inc., the California-based electric vehicle (EV) manufacturer, reported a significant increase in its Q3 deliveries on Monday. The company delivered over 15,000 vehicles, marking a year-over-year (YOY) increase of 140%. This figure is double the number of vehicles delivered in the same period last year. Rivian produced 16,304 vehicles at its Normal, Illinois facility, reflecting a 120% YOY increase and outperforming FactSet consensus.
Despite these impressive figures, Rivian's stock (NASDAQ:RIVN) slipped by 1.75% Monday, ending a five-session winning streak. Over the past five sessions prior to Monday, Rivian's stock had climbed by 17.9%, showing strong performance over the past three months that contrasts with the S&P 500 index's decline of 3.7%.
Monday's drop in Rivian's stock coincided with a similar decline in Tesla (NASDAQ:TSLA) Inc.'s stock, which is also down due to disappointing Q3 deliveries. The two companies are major players in the EV market and their performance is often seen as an indicator of the overall health of the sector.
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