(Reuters) -Rivian Automotive reported an increase of almost 32% in the deliveries of the third quarter, exceeding analysts’ estimates, as more American cars buyers rushed to ensure tax credits before expiration when buying new electric vehicles.
Despite the jump in deliveries, the Ev industry faces uncertainty in the next quarters after the United States Congress, through radical legislation, moved to abolish tax credits on the lease that EV manufacturers had trusted for a long time to reinforce sales.
The tax credit expired on Tuesday. The analysts and experts had predicted that the sales and the lease of EVs would collapse after it ended, but that a hurry to buy EVs of buyers who seek to exceed the deadline would precede the fall.
The company delivered 13,201 vehicles in the third quarter, compared to an estimate of 12,690 vehicles, according to analysts surveyed by Visible Alpha.
It also reduced its annual forecast for deliveries to between 41,500 and 43,500 vehicles, whose midpoint is 500 vehicles lower than its previous forecast between 40,000 and 46,000 cars. The company’s shares fell around 2% in trade prior to the market.
Together with the elimination of consumer tax credits, the imposition of high tariffs on car parts has affected electric vehicle manufacturers by increasing manufacturing costs and compressing margins.
The duties left automobile manufacturers fighting to reorganize supply chains, reduce foreign dependence and increase investment in the US. UU., A policy emphasized by the Trump administration.
The increase in vehicle costs could make Rivian’s margins affect when the company has been looking to increase profitability before the launch of its most affordable SUV R2 next year.
(Zaheer Kachwala report in Bengaluru; Pooja Desai edition)
(Tagstotranslate) Fiscal credits
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