Rivian (US:RIVN) shares rose on Thursday after the company reaffirmed its full-year outlook, calming investor fears about its latest loss report. 

The electric truck maker lost $1.57 a share in the third quarter on $536 million in revenue, versus the average analyst estimate that called for a loss of $1.81 a share on revenue of $568.5 million. Overall, the adjusted Ebitda loss was $1.31 billion as Rivian managed to cut costs. 

Rivian said demand remains strong and it built 7,363 EVs in the third quarter. 

The company said the third quarter was also important for its commercial business. Amazon (US:AMZN) recently announced its custom delivery vehicles now operate in over 100 U.S. cities. Rivian also announced the signing of a Memorandum of Understanding ("MOU") for a strategic partnership with Mercedes-Benz during g the quarter.

"Our core focus remains on ramping production. The demonstrated production rates within our Normal Factory continue to give us confidence in our systems, equipment, and team members’ ability to ramp our production lines. However, we believe that supply chain constraints will continue to be the limiting factor of our production," the company said on its website.

Analysts were not entirely on board with the details. 

Mizuho analyst Vijay Rakesh cut the price target to $58 per share from $65 on the Buy-rated Rivian shares. 

"We believe key highlights include: 1) RIVN reaffirmed its C22E 25k production target and stated supply chain is improving, 2) second shift is now ramping, which should be a further production tail wind, 3) stronger net preorders now at ~114k, up 16% q/q, and 4) ~$13B cash on hand should continue to fund operations through 2025E," Rakesh said in a client note. 

Truist analyst Jordan Levy expected a positive reaction in Rivian shares after "strong" Q3 results. 

"We'd caution investors not to weigh the R2 commentary too heavily as the company had already signaled a late 2025 launch."