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The company also reiterated its full-year production target of 25,000 vehicles, sending shares up 9% in post-market trade.
The Amazon.com (NASDAQ:AMZN) Inc-backed electric vehicle company produced 4,401 and delivered 4,467 vehicles in the preceding quarter.
Rivian’s rival and the world’s most valuable automaker Tesla (NASDAQ:TSLA) Inc missed market expectations for deliveries in the third quarter.
Tesla cited higher costs and headwinds in logistics for the shortfall, which together with rising costs of materials and a dull outlook for global economic growth weighed on EV stocks on Monday.
At its most recent quarterly report, Rivian had said it expected higher operating loss for the full year due to rising costs.
