Rivian Automotive reiterates annual production outlook, shares jump

RJ Scaringe, CEO of Rivian, displays his company’s R1T all-electric pickup truck at the Los Angeles Auto Show in Los Angeles, California, U.S., November 27, 2018. REUTERS/Mike Blake

May 11 (Reuters) – Rivian Automotive Inc (RIVN.O) on Wednesday reaffirmed its annual production forecast of 25,000 units as the electric vehicle maker continues to battle supply chain disruptions and high fuel costs. materials.

Shares of the Irvine, Calif.-based company rose about 12% in extended trading.

Rivian had halved its 2022 forecast in March as it struggled to secure the chips needed to manufacture its R1T pickup truck, R1S SUV and electric delivery van for Amazon.com Inc (AMZN.O) . Read more

It delivered 1,227 vehicles in the first quarter, compared to 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 was $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.

Reporting by Akash Sriram in Bangalore; Editing by Devika Syamnath

Our standards: The Thomson Reuters Trust Principles.