Electric vehicle maker Rivian Automotive has maintained its 2022 production target, saying it is advancing with its plan to build 25,000 vehicles this year, as bookings increased for its vehicles, and the first-quarter loss came in just short of Wall Street analysts’ expectations.
Rivian revealed its results in the first quarter, which showed a loss of $1.43 per share, compared to analyst expectations of $1.44, as for revenue, it reached $95 million, missing estimates of $130.5 million, and the company’s net loss amounted to $1.59 billion. Vehicle reservations over 90,000 vehicles. Read more [Rivian Stock Collapse After 4Q Results & Modest Expectations].
Rivian may need more time before meeting recent booking requests, as the company said it has lost about a quarter of its planned production since the end of March due to supply shortages in some key components such as semiconductor chips.
The 25,000-vehicle production target is half the full-year production target that Rivian announced in its pre-IPO review last November to attract investors, and according to its first-quarter results report, Rivian has $17 billion in cash left since March 31.
The company’s shares jumped by 8% in the extended trading, after recording a decline of 10% in the main trading round.
Rivian shares have lost about 28% of their value after the close of trading on Wednesday since the hold period ended after the initial public offering to insiders and early investors, and Ford Motor Company sold about 8 million of its shares in Rivian. Read more [Giant Ford Sells 8 Million Shares of Rivian].