Rivian reports a narrower-than-expected quarterly loss, reaffirms EV production target

Electric vehicle maker Rivian Automotive on Tuesday reported a first-quarter loss that was narrower than expected and said it’s still on track to meet a 50,000-vehicle production target for 2023.
Shares were up about 4% in after-hours trading following the news.
Here’s how the company did as per consensus analyst estimates by Refinitiv:
Loss per share: $1.25 adjusted vs. $1.59 expected.
Revenue: $661 million vs. $652.1 million expected.
Rivian’s net loss narrowed to $1.35 billion, or $1.45 per share, from $1.59 billion, or $1.77 per share, during the year-earlier period.
Total revenue soared year over year from $95 million, according to the company.
Rivian has been working to reduce its spending over the last several months in a bid to conserve cash. The company said on Feb. 1 that it would cut 6% of its workforce, or about 900 employees.
The automaker confirmed that it remains on track to hit its full-year production guidance of 50,000 vehicles, roughly twice the number it made in 2022, with total capital expenditures of about $2 billion for the year.
The company is currently building the R1T pickup, the R1S SUV and a series of electric delivery vans for Amazon at its factory in Normal, Illinois.
You're forced to invest in one of these companies.
$Lucid Group(LCID.US)$ $Rivian Automotive(RIVN.US)$ $Nikola(NKLA.US)$
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