Rivian Stock ( NASDAQ:RIVN )
American electric vehicle manufacturer Rivian ( NASDAQ:RIVN ) is based in Irvine, California. Amazon ( NASDAQ:AMZN ) held 20% of the company prior to its IPO release. The company has so far made available to the general public the R1T and R1S versions. The Price of the R1T electric truck is approximately $70,000, while that of the R1S electric SUV is approximately $74,000. The company also owns the EDV700, which is a van that has been exclusively used by Amazon since 2021 for premier shipments. In 2019, Amazon declared that they have ordered 100,000 EDVs from Rivian. Although there is no official confirmation, we might infer that Rivian’s best-selling vehicle, the R1T, is still on the market. The R1T is ranked as the top electric truck on MotorTrend.
Nevertheless, Rivian might find the rivalry too challenging to handle now that Tesla ( NASDAQ:TSLA ) has entered the electric truck market. The situation for Rivian is ever-changing, so I must retain my neutrality.
Accounting & Growth
Rivian reported $536.00M in revenue in the third quarter, falling short of analysts’ expectations of $554.06M. In addition, its earnings per share, which were $1.57, as opposed to the $1.83 experts, had predicted, exceeded forecasts by 14%.
Rivian’s normalized income actually dropped from -$1,712M to -$1,724M when compared to quarter 2 in terms of money. Their cost of revenue climbed by 36% even though their revenue rose dramatically by 47%.
We recorded a lower cost or net realizable value (“LCNRV”) charge and losses on firm purchase commitments as of September 30, 2022, which together reduced gross profit by $696 million for the three months ended September 3...
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