Rivian Automotive Inc. stock jumped more than 6% late Wednesday after the EV maker posted another quarterly loss and revenue was below expectations but crucially kept its 2022 production outlook intact.
said it lost $1.6 billion, or $1.77 a share, in the 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 vehicles, 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.
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 in the year.
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