Rivian Automotive Exceeds Q3 Revenue Expectations Due to Expired EV Credits and Increased Deliveries
Rivian Automotive exceeded analysts' revenue expectations in the third quarter, reaching $1.56 billion, driven by the rush of buyers to take advantage of expiring electric vehicle tax credits. The company reported a 78% year-over-year revenue growth, with strong delivery numbers. Despite a slight decrease in the yearly forecast due to demand uncertainty post-tax credit expiry, Rivian remains optimistic about future performance. CEO RJ Scaringe highlighted the impact of the incentive expiry on prices and deliveries, emphasizing a positive outlook for the future.