Nov 9 (Reuters) - Rivian Automotive Inc missed Wall Street estimates for third-quarter revenue, but shares rose after hours as the electric-vehicle maker reported a smaller-than-expected loss, reaffirmed its full-year production outlook and reported a higher number of preorders.
The company, which went public a year ago, also said its smaller R2 vehicle family will begin production in 2026, a year later than previously announced, at Rivian's planned $5 billion Georgia plant.
The automaker ended the third quarter with $13.8 billion in cash, down from $15.9 billion at the end of the second quarter.
"We remain confident in our ability to fund operations with cash on hand through 2025," Rivian said in an SEC filing late on Wednesday.
Shares were volatile in after-market trading, rising as much as 6.5% after falling nearly 12% in the regular session.
The news has not been so good for Rivian's rivals.
UK electric van startup Arrival warned investors on Tuesday that it did not have enough cash to assure its survival through 2023. EV maker Lucid on Tuesday reported a $670 million loss for the third quarter and said its order bank had dropped since the second quarter.
Ohio-based electric truck startup Lordstown Motors said parts and production costs are higher than the likely selling price of its vehicles.
Shares of Tesla Inc, Rivian's chief competitor, sank to their lowest point in two years after CEO Elon Musk sold nearly $4 billion worth of Tesla stock following his purchase of Twitter.
As they have for other EV makers, supply-chain disruptions have pressured Rivian, forcing the company earlier this year to cut its production forecast by half to 25,000 vehicles.
In the third quarter ended Sept. 30, the electric-vehicle maker delivered 7,363 vehicles, up from 4,467 units in the prior quarter. Production through nine months is about 14,000.
Quarterly revenue was $536 million, compared with analysts' expectations of $551.6 million, according to Refinitiv data.
The company's quarterly net loss widened to $1.72 billion compared with a $1.23 billion loss a year earlier. Adjusted loss per share of $1.57 beat analysts' expectations of an adjusted per-share loss of $1.82.
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