Electric vehicle maker Rivian Automotive on Tuesday reported a narrower-than-expected first-quarter loss and said it remains on track to meet its 50,000-vehicle production goal for 2023.
Shares are up about 4% in trading after the news ended.
Here’s how the company did, according to analyst estimates conducted by Refinitiv:
- share loss: $1.25 adjusted vs. $1.59 expected.
- he won: 661 million dollars vs. $652.1 million projected.
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-ago period.
Total revenue increased year over year from $95 million, according to the company.
The electric car maker had $11.8 billion in cash remaining as of March 31, down from $12.1 billion at the end of 2022. First-quarter capital expenditures were $283 million, compared to $418 million in the year-ago period.
Rivian has been cutting its spending for the past several months in an effort to conserve cash. the company said in February. 1- To cut 6% of its workforce, or about 900 employees.
“Our core priorities for 2023 remain unchanged,” CEO RJ Scaringe said in an earnings release on Tuesday. “The team remains focused on increasing production, driving cost reduction, and developing [upcoming smaller] R2 platform, future technologies and delivering an outstanding and comprehensive customer experience. “
Rivian said on April 3 that it built 9,395 electric vehicles in the first quarter and delivered 7,946 to customers. Both numbers are down from the fourth quarter, as a result of planned plant outages as the company upgraded assembly lines to include its new in-house built “Enduro” electric motors and lower-cost lithium iron phosphate battery packs.
Chief Financial Officer Claire McDonough stressed that the new motors and batteries are “essential to achieving our long-term target cost structure across existing vehicle platforms, in addition to the R2.”
Rivian’s R2 platform, now in development, will support a series of smaller vehicles priced below the R1T’s current $73,000 starting price. It is currently expected to be launched in 2026.
The automaker confirmed that it is still on track to reach its full-year production guidance of 50,000 vehicles, double the number it hit in 2022, for a total capital expenditure of about $2 billion for the year.
The company is currently building the R1T Pickup, R1S SUV, and a series of electric delivery vans for Amazon at its Normal, Illinois, plant.
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