Rivian produces 7363 electric vehicles in the third quarter, keeping its full-year target unchanged

Oct. 4 (Xinhua)-- Electric car startup Rivian said on Monday local time that its plant in Nomer, Illinois, produced 7363 electric vehicles in the fiscal third quarter ending September 30, while delivering 6584 over the same period.

Rivian stressed that it would meet its production target of 25000 vehicles for the whole of 2022, and its shares rose 9 per cent in after-hours trading.

Rivian is backed by investors, including Amazon, the e-commerce company. In the second quarter of this year, Rivian produced 4401 electric vehicles and delivered 4467.

Tesla, a competitor to Rivian and the world's most valuable carmaker, failed to meet market expectations in the third quarter.

Tesla said rising manufacturing costs and unfavorable factors in logistics are the main reasons for the gap. On Monday, rising raw material costs and poor growth prospects for the global economy weighed on electric car stocks.

In its recently released quarterly report, Rivian said it expected its full-year operating loss to increase because of rising costs.