Rivian Automotive Inc. stock jumped more than 6% in after-hours trading Wednesday after the electric-vehicle maker posted another quarterly loss and revenue that was below expectations, but crucially kept its 2022 production outlook intact.
said it lost $1.6 billion, or $1.77 a share, in the first quarter, compared with a loss of $414 million, or $4.10 a share, in the year-ago period. Adjusted for one-time items, the company lost $1.43 a share.
Rivian made 2,553 vehicles in the quarter and delivered 1,227, which generated $95 million in revenue, the company said.
Analysts polled by FactSet expected the EV maker to report an adjusted loss of $1.49 a share on sales of $133 million.
“We remain focused on ramping production throughout 2022,” the company said in its letter to shareholders.
Rivian went on to describe a production nightmare that includes ongoing shortages of semiconductor chips as well as other parts, production stoppages and several bottlenecks.
Supply-chain “constraints” will continue to limit production, but based on the “latest understanding of the supply-chain environment,” Rivian reaffirmed its guidance to make about 25,000 vehicles this year.
The EV maker said it had more than 90,000 preorders for its electric vehicles from consumers in the U.S. and Canada, including 10,000 orders after it increased model prices in March that averaged more than $93,000 apiece.
Rivian said it ended the quarter with about $17 million in cash and equivalents.
The stock ended the regular trading day down 9.6% to a record low close of $20.60, after news that Ford Motor Co.
and other major backers had sold shares as soon as the post-IPO lockup period ended.
The stock is down 80% so far this year, compared with losses of around 17% for the S&P 500 index