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.
Rivian RIVN, -9.61% said it lost $ 1.6 billion, or $ 1.77 a share, in the first 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.
In a call after the results, Chief Executive RJ Scaringe that the discrepancy between produced and delivered vehicles was strictly on timing, with no quality or other issues. Demand continues to be strong, he said.
Rivian took a page from Tesla Inc. TSLA, -8.25% and also sells its vehicles directly to consumers, bypassing dealerships.
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.
Rivian went on to describe a production nightmare that includes ongoing shortages of semiconductor chips as well as other parts, production stoppages, and several bottlenecks.
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.
The EV maker said it had more than 90,000 preorders for its electric vehicles from consumers in the U.S. and Canada, including 10,000 orders after it increased model prices in March that averaged more than $ 93,000 a piece.
Rivian said it ended the quarter with about $ 17 billion in cash and equivalents.
The stock ended the regular trading day down 9.6% to a record low close of $ 20.60, after news that Ford Motor Co. F, -3.90% and other major backers had sold shares as soon as the post-IPO lockup period ended.
The stock is down 80% so far this year, compared with losses of around 17% for the S&P 500 index. SPX, -1.65%