(Reuters) -Rivian Automotive reported better-than-expected third-quarter revenue on Tuesday and raised its production forecast for the full year by 2,000 vehicles to 54,000 units.
Shares of Rivian, which closed 1.4% higher, rose more than 3% in volatile after-hours trading.
However, Rivian’s smaller rival Lucid cut its production forecast on Tuesday “to prudently align with deliveries”, sending its shares down 3%. It now expects to produce 8,000–8,500 vehicles this year, down from its earlier projection of more than 10,000 units.
Rivian also said it will end its exclusivity deal to largest shareholder Amazon for its electric delivery van, opening the door for more customers around the world.
Rivian added it was speaking with more customers who are interested in the Rivian Commercial Vehicle platform, which underpins its electric delivery vans, and reiterated its commitment to fulfilling the order of 100,000 vans to Amazon by 2030.
The company had previously said sales of its higher-priced SUVs have been strongly outpacing sales of its pickup truck R1T, improving the average selling price of its vehicles.
Rivian had reported third-quarter deliveries above market expectations last month.
The company has stayed away from cutting prices and has instead taken to making its Enduro powertrains in-house to reduce its dependency on suppliers and slash costs, a move widely appreciated by investors and analysts.
Revenue for the July-September period was $1.34 billion, compared with Wall Street estimates of $1.33 billion, according to LSEG data.
Cash and cash equivalents of Rivian at the end of the September quarter were $7.94 billion, compared with $9.26 billion in the preceding three-month period.
The company reported a net loss of $1.37 billion for the third quarter, compared with a loss of $1.72 billion a year earlier.
Lucid’s losses narrowed as well to $630.9 million from $670.2 million a year earlier. It posted revenue of $137.8 million, falling short of analysts’ estimates of $183.8 million.
Its third-quarter production fell nearly 30% to 1,550 vehicles.
(Reporting by Akash Sriram and Zaheer Kachwala in Bengaluru and Abhirup Roy in San Francisco; Editing by Krishna Chandra Eluri)