, fell 2.4% in a broad decline for EV stocks that saw Tesla fall 6.3% after its own production report.
Rivian made 9,395 vehicles in the first quarter ended March, a drop of more than 6% from the previous three months. Deliveries also dipped over 1% from the prior quarter to 7,946 vehicles. Output took a hit from supply-chain issues and a scheduled stop in the company's commercial production line for most of the quarter to introduce new technologies, including lithium iron phosphate battery packs.
"We consider the numbers a significant disappointment," said CFRA Research analyst Garrett Nelson, who downgraded the stock to "strong sell" from "sell". "The report likely indicates that Rivian has continued to burn through cash at an alarming rate and is nowhere near generating even a gross profit, much less a net profit."CFO Claire McDonough said in February that Rivian expects much of the output to come in the second half due to supply constraints and the planned downtime in the first quarter.
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