EV maker Rivian misses first-quarter production estimates; shares drop

📆 4/3/2023 5:46 PM
📰 ChannelNewsAsia

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:Rivian Automotive Inc on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints, sending its shares down 4 per cent in early trade. Calling supply chain hurdles as Rivian's 'biggest constraint' in February, CEO R.J. Scaringe had flagged that th

:Rivian Automotive Inc on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints, sending its shares down 4 per cent in early trade.

The Amazon-backed company had said it stopped its commercial production line for the majority of the first quarter of 2023 to introduce new technologies including lithium iron phosphate battery packs. The electric-vehicle maker has been losing money on every vehicle it builds, and narrowly missed its annual production target of 25,000 units last year.

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EV maker Rivian beats quarterly delivery estimates:Electric-vehicle maker Rivian Automotive Inc on Monday beat estimates for first-quarter deliveries, helped by steady demand.The company said it delivered 7,946 vehicles in the quarter ended March, compared with Visible Alpha estimates of 7,090 vehicles. It delivered 8,054 vehicles in the fourth quarter.
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