Rivian dips after lowering its full-year guidance while posting better-than-expected Q3 sales

Shares of EV maker Rivian dipped more than 3% in premarket trading on Thursday after the company reported its third-quarter production and delivery totals.

Rivian said it delivered 13,201 vehicles in the period ended September 30, beating analyst estimates of about 12,000. The figure represents a 32% jump from the same period last year, with the expiring EV tax credit boosting purchasing activity.

The company also narrowed its full-year delivery total to between 41,500 and 43,500 vehicles. That’s on the lower end of its prior range of 40,000 to 46,000 vehicles, likely fueling the investor pullback. That delivery outlook has been trending the wrong way: in April, the automaker was guiding for between 46,000 and 51,000 vehicles.

Tesla, the leader in the US EV market, sold a record 497,000 cars in Q3.

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It’s been a rough 48 days for luxury EV maker Lucid, which fell to a fresh all-time low on Monday following a price target cut by analysts at Stifel.

Stifel lowered its Lucid price target to $17, from $21, with analyst Stephen Gengaro writing that the company will likely require additional capital over the next few years. According to Stifel’s note, published Monday, Lucid’s production is improving but it’s still in the “prove-it-to-me” stage, and vehicles that could elevate sales volumes are “likely two years away.”

Last week, Lucid announced that it plans to raise $875 million through a private offering of convertible senior notes due in 2031. The company lowered its production outlook and reported negative free cash flow of $955 million in its third quarter.

Since the end of the EV tax credit on September 30 — which Lucid’s pricey vehicles only qualified for through leasing loopholes — its shares are down more than 40%. Zooming out, Lucid’s stock has shed 98% of its value from its 2021 highs amid peak electric vehicle optimism.

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