(Reuters) -Rivian Automotive Inc said on Monday it produced 7,363 vehicles at its manufacturing facility in Normal, Illinois and delivered 6,584 vehicles in the quarter ended Sept. 30.
The company also reiterated its full-year production target of 25,000 vehicles, sending shares up 9% in post-market trade.
The Amazon.com 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 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.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Krishna Chandra Eluri)
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(Reuters) – Georgia state officials said on Monday they were disappointed after a local court rejected a joint proposal to secure local incentives for Rivian Automotive Inc’s $5-billion manufacturing plant in the state.
“We remain undeterred in our efforts to bring high-paying, American manufacturing jobs to Georgia, and are currently assessing all legal options,” the Joint Development Authority (JDA) of Jasper, Morgan, Newton, and Walton counties and Georgia Department of Economic Development said in a joint statement.
Morgan County Superior Court Judge Brenda Trammell on Thursday rejected the agreement between the local development authority and the Amazon.com Inc-backed EV company on grounds that the proposal did not appear feasible and failed to establish that it would promote the welfare of local communities.
A Rivian spokesperson declined to comment.
Rivian had announced in December its plans to set up the Georgia plant and had said at the time that it would be commissioned in 2024. The company has a plant in Normal, Illinois.
The Georgia plant, with a proposed capacity to produce 400,000 vehicles a year and an expected workforce of more than 7,500, would gain incentives of $1.5 billion from the state, Georgia’s Department of Economic Development had said in May.
The development comes as Rivian faces hurdles to secure tax incentives for many of its current models under the new energy and climate bill passed by the U.S. Senate.
The company said in August that it expected a wider-operating loss this year, but kept its target to produce 25,000 vehicles.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh Kuber)
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