Barclays Lowers Rivian Expectations Ahead of Q3 Earnings
Barclays analyst Dan Levy expressed tempered expectations for Rivian's upcoming Q3 earnings report, despite the EV maker's slight delivery beat. Rivian delivered 13,200 vehicles versus Wall Street's 13,000 estimate, but fell short of Levy's 15,600 projection. The analyst noted Rivian's growth appeared muted compared to record EV sales from Ford, GM, and Tesla.
The company narrowed its full-year delivery guidance to 41,500-43,500 units (from 40,000-46,000), implying a stronger Q4 range of 9,000-11,000 vehicles. Levy had anticipated a steeper post-tax-credit drop to 6,300 units. Gross margins may improve sequentially due to better fixed cost absorption.