Rivian on Wednesday reaffirmed its annual manufacturing forecast of 25,000 models, saying ongoing provide chain disruptions and materials prices prevented the electric vehicle maker from reaching its authentic goal of fifty,000 autos.
The Irvine, California-based firm's shares rose 5% in prolonged buying and selling after closing the day down 9.6%.
“We stay targeted on ramping manufacturing all through 2022. We consider that the availability chain constraints will proceed to be the limiting issue of our manufacturing,” Rivian stated in a letter to shareholders, including that it might have the ability to double its annual output absent provide constraints.
It delivered 1,227 autos within the first quarter, up from 909 models within the earlier quarter.
Rivian stated it has acquired over 90,000 pre-orders within the U.S. and Canada for its R1S SUV and R1T pickup truck as of Might 9.
The corporate's first-quarter income got here in at $95 million, beneath analysts' estimates of $130.5 million, based on Refinitiv knowledge.
It is internet loss widened to $1.59 billion from $414 million a 12 months earlier.
Wall Road traders have been upset with the corporate's progress and automobile order numbers, and Rivian shares got here underneath rising stress this week as the corporate's post-IPO lockup interval expired. Ford Motor Co (F.N) offloaded eight million Rivian shares for $124 million, a Tuesday submitting confirmed.
At round $18.5 billion, Rivian's market valuation has plummeted because it went public in November. The corporate is now valued roughly in step with the $17 billion it holds in money and money equivalents.
Rivian, which presently operates a single plant in Illinois, is planning to take a position $5 billion to construct a brand new manufacturing plant in Georgia. An organization spokeswoman final week stated Rivian aimed to open that plant in late 2024, however Rivian on Wednesday stated it focused a 2025 launch date.