Rivian Stock Soars After Strong Earnings Report

Electric vehicle maker Rivian Automotive Inc. reported strong earnings for the third quarter, sending its stock price soaring.

Rivian reported a net loss of $1.7 billion, or $1.69 per share, for the quarter. This was narrower than the loss of $2.5 billion, or $2.71 per share, that analysts had expected.

Revenue for the quarter came in at $502 million, beating the consensus estimate of $496 million.

Rivian said it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles. This was up from the 4,401 vehicles produced and 4,467 vehicles delivered in the second quarter.

The company said it is on track to meet its production target of 25,000 vehicles for the year.

Rivian's stock price rose more than 10% in premarket trading on the news.