Rivian Automotive reiterates annual production outlook, shares jump
2022.05.12 00:02
FILE PHOTO: Rivian CEO R.J. Scaringe introduces his company’s R1T all-electric pickup truck at Los Angeles Auto Show in Los Angeles, California, U.S. November 27, 2018. REUTERS/Mike Blake
(Reuters) – Rivian Automotive Inc on Wednesday reaffirmed its annual production forecast of 25,000 units as the electric-vehicle maker continues to battle supply chain disruptions and high material costs.
The Irvine, California-based company’s shares rose about 12% in extended trading.
Rivian had halved its 2022 forecast in March as it struggled to secure the chips needed to make its R1T pickup truck, R1S SUV and electric delivery van for Amazon.com Inc (NASDAQ:AMZN).
It delivered 1,227 vehicles in the first quarter, up from 909 units in the previous quarter.
Rivian has received over 90,000 pre-orders for its R1S SUV and R1T pickup truck.
The company’s first-quarter revenue came in at $95 million, below analysts’ estimates of $130.5 million, according to Refinitiv data.
Net loss widened to $1.59 billion from $414 million a year earlier.
