Shares of Rivian Automotive (NASDAQ: RIVN) gained 4.4% in Tuesday's after-hours trading, following the electric vehicle (EV) maker's release of its third-quarter 2023 report.

Investors' positive reaction is attributable to several factors: the quarter's revenue and earnings exceeding Wall Street's expectations, management raising its 2023 production target and improving its annual adjusted EBITDA loss guidance, and the company ending its exclusivity agreement with Amazon for the purchase of its commercial vans.

As background, Rivian makes two all-electric vehicles for consumers: the R1T (a pickup truck) and R1S (an SUV). It also produces an electric delivery vehicle, which until Tuesday's announcement was only available to Amazon, which owns a sizable stake in Rivian.

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Source Fool.com