The electric car manufacturer Rivian Automotive has released its financial reports. In the third quarter of the fiscal year 2023, the company recorded a loss of $1.44 per share. Analysts had previously expected a loss of $1.34 per share. Compared to the previous year, in which Rivian recorded a loss of $1.88 per share, the result significantly improved. The loss decreased from $1.72 billion to $1.37 billion. At the same time, sales increased from $536 million to $1.337 billion, thus exceeding expectations of $1.32 billion.

The Tesla competitor will distribute its electric delivery vans not only to Amazon but also to other potential customers. As planned, the world's biggest online retailer will receive a total of 100,000 vehicles from Rivian. The company has already delivered more than 10,000 vans to Amazon, which have been in use in Germany for several months. Amazon is also a significant investor in Rivian.

Unlike other companies in the industry, Rivian has not participated in recent price cuts. Instead, the company is now internally producing Enduro drivetrains to reduce dependency on suppliers and lower costs. This decision was positively received by investors and analysts.

Last November, Rivian went public. The company has now raised its production forecast for this year from 52,000 to 54,000 vehicles. More than 16,300 vehicles were already produced in the last quarter. In addition to delivery vans, the company also manufactures electric pickups and SUVs. Pickups are particularly popular in the US and so far have been dominated by the big three automakers. However, Elon Musk's Tesla also aims to enter the market soon with its electric "Cybertruck" pickup.

Investors react positively to Rivian's financial results. In pre-market trading on Tuesday morning, the company's stock on NASDAQ momentarily rose by 6.43 percent to $18.54.