(Reuters) -Electric-vehicle maker Rivian Automotive on Wednesday forecast quarterly revenues to rise due to an increase in deliveries of its pickup trucks and sport utility vehicles.
The Amazon-backed startup had beat third-quarter deliveries expectations earlier this week as it ramped up production to meet sustained demand for its vehicles.
Rivian, like other EV rivals, has been burning through cash to ramp up production and keep up with market leader Tesla, which has slashed prices amid concerns of softening demand for electric vehicles in the United States.
The company expects revenue for the three months ended Sept. 30 to be between $1.29 billion and $1.33 billion, compared to last year’s nearly $540 million.
(Reporting by Savyata Mishra in Bengaluru; Editing by Maju Samuel)
