Rivian (RIVN) sticks to profit target after supply shortage cripples EV production

Rivian Automotive Inc. expects to post positive gross profit in the final three months of the year, sticking with its guidance despite a supply chain bottleneck that hit electric vehicle production.

The company is on track to meet the closely watched target thanks to a larger mix of premium models, increasing revenue per vehicle sold and sales of regulatory credits, Rivian said in a statement Third quarter results were announced on Thursday. Adjusted loss was 99 cents per share in the period, worse than the average deficit of 92 cents estimated by analysts.