Rivian Automotive (NASDAQ:RIVN) reported its third-quarter earnings and updated its production forecast for the year.

The company posted revenues of $1.34 billion, surpassing the consensus forecast of $1.31 billion. The reported earnings per share (EPS) were a loss of $1.44, which was a greater loss than the anticipated $1.34.

Looking to the future, Rivian has revised its production expectations for the full 2023-year, increasing its goal to 54,000 EVs from the previously set target of 52,000 vehicles. This optimistic adjustment is credited to improvements in production line efficiency, the successful scaling of its proprietary motor line, and a positive supply chain prognosis.