By Ben Glickman
Rivian Automative said it expects third-quarter revenue to be in line with analysts’ estimates.
The Irving, Calif.-based electric-vehicle maker said Wednesday that based on preliminary estimates it sees sales of $1.29 billion to $1.33 billion, up from $540 million a year earlier. Analysts polled by FactSet expected sales of $1.31 billion, the midpoint of Rivian’s preliminary range.
Rivian said its estimated cash, cash equivalents and short-term investments at the end of the third quarter were $9.1 billion, which it said was enough to fund operations through 2025.
The company also said that it would offer $1.5 billion in green convertible senior notes due in 2030 in a private offering.
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