Electric vehicle stocks roared back Wednesday as Rivian Automotive Inc (NASDAQ:RIVN) jumped more than 25%, extending momentum from its third-quarter results. The rebound helped erase much of the prior day’s sector slump, sending EV-focused ETFs higher across the board.
Rivian’s quarterly revenue jumped 78% year-over-year to $1.56 billion, above Street estimates of $1.50 billion. Deliveries rose 32% to 13,200 units, while consolidated gross profit turned positive at $24 million, a milestone for the once loss-heavy startup. Although the company still posted a wider-than-expected loss per share, investors looked past it and instead concentrated on operational progress and a reaffirmed 2025 delivery forecast.
