By WMBD-TV
NORMAL – Electric vehicle manufacturer Rivian narrowed its year over year net loss to $1.1 billion, according to its earnings statement released on Thursday.
The stock closed Thursday at $10.5, up 3.5%.
But the company told investors it was on track for modest positive gross profit in the fourth quarter. That’s when the company will close on its proposed joint venture with Volkswagen Group.
R.J. Scaringe, company founder and chief executive officer, pinned hopes that its mid-sized sports utility vehicle, which will be made at its Normal plant, “will be a fundamental driver of Rivian’s growth.”
The company is expanding its Normal facility to accommodate the SUV, which will launch in the first half of 2026.
The R2 is a 5-seat sports utility vehicle that is expected to have a starting sale price of $45,000.
The company said it has addressed the cost structure behind the manufacture of its second generation R1 pickup truck by incorporating new technologies.
Total revenues in the third quarter were $874 million, mostly from the delivery of 10,018 vehicles. There was also $8 million from the sale of regulatory credits.
Rivian produced 13,157 vehicles at its Normal manufacturing facility in the third quarter.
Total operating expenses decreased in the quarter to $777 million, compared with the $963 million for the same period last year.
The company reaffirmed its goal to deliver between 50,000 and 52,000 vehicles by the end of the year.
It announced a multiyear contract with LG Energy Solution to supply battery cells for its midsized platforms. The batteries will be made in Queen Creek, Arizona.
The company also introduced its Tri-Motor configuration for its trucks.
