Electric vehicle sales were stronger than expected in the third quarter, leading to a record-breaking three months for OEMs like Ford (F) , General Motors (GM) and Tesla (TSLA) .
But in this case, a rising tide hasn’t lifted all boats for EV makers.
EV makers with record-setting Q3
- Ford: 85,789 hybrid, PHEV and BEV sales, +20%
- General Motors: 66,501 EVs in Q3, YTD 144,668, +105%
- Tesla: 497,099 deliveries, +7.3%
EV maker Rivian (RIVN) apparently wasn’t invited to the record delivery party, as the company announced on Thursday that it is narrowing its guidance.
Rivian stock falls on disappointing Q3 delivery data
Rivian shares fell 7.4% to $13.53 on Thursday after Rivian reported its third-quarter delivery figures.
Rivian produced 10,720 vehicles and delivered 13,201. Third-quarter deliveries increased 32% compared to the same period a year ago.
While these figures aligned with its internal forecast, Rivian announced that it now expects to deliver between 41,500 and 43,500 vehicles for the year, narrowing from its previous guidance between 40,000 and 46,000.
Related: Tesla’s record-breaking quarter disappoints investors
Rivian is scheduled to announce third-quarter financial results after the market closes on November 4. Analysts expect a loss of 71 cents per share on revenue of $1.49 billion.
Rivian currently offers just two models: the R1T pickup truck and the R1S SUV.
Analysts at Goldman Sachs recently raised their price target to $15 from $12 per share with a neutral rating.
In August, Canaccord dropped its price target to $23 from $21 per share while maintaining a “buy” rating.
Rivian EV rival Tesla has a record-breaking quarter
Rivian rival Tesla had a blowout quarter, but investors treated its stock just as harshly as it treated Rivian Thursday.
Tesla blew away expectations in the third quarter, delivering 497,099 electric vehicles, a significant increase from the 462,890 cars it delivered in the year-ago period. Analysts polled by Bloomberg on average were expecting the company to deliver fewer than 440,000.
Car buyers were incentivized to purchase EVs this quarter as the $7,500 EV tax credit, which has been in place for 15 years, expired at the end of September.
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Tesla shares fell more than 5% Thursday.
“Nearly 500,000 deliveries is impressive, but the stock’s drop despite the beat tells you what really matters: investor confidence in what comes next, not what just passed. What likely rattled the market: the feeling that Q3 strength was pulled forward (ahead of the EV tax-credit deadline), leaving Q4 vulnerable to a steep drop,” RTMNexus CEO Dominick Miserandino said.