EV startup Rivian is navigating supply chain disruptions but remains optimistic about its first-ever gross profit by the end of 2024

The carmaker said a part shortage in the third quarter hampered factory production, but it is still on track to report its first ever gross profit by the year’s end.

Rivian stuck to its forecast of achieving gross profit in the fourth quarter even as it reported its first drop in quarterly revenue hurt in part by shortage of a component. Shares of Rivian rose nearly 2% as the Irvine,

Rivian Automotive Inc. said it’s on track to achieve a positive gross profit in the final three months of the year, counting on a surge of regulatory credit sales after production disruptions added to losses.