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

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. Rivian's quarterly production slips in Q1, https://www.reuters.com/graphics/RIVIAN-PRODUCTION/lbvggjkkqvq/chart_eikon.jpg"We expect full-year production to be back-end weighted due to supply constraints...and the commercial line downtime we're taking in Q1 2023," finance chief Claire McDonough said on an earnings call in February.

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EV maker Rivian misses first-quarter production estimates; shares drop: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
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

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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