Rivian Automotive reiterates annual production outlook, shares jump

Reuters – Rivian Automotive Inc on Wednesday reaffirmed its annual production forecast of 25,000 units as the electricvehicle maker continues to battle supply chain disruptions and high material costs.

The Irvine, Californiabased companys shares rose about 12 in extended trading.

Rivian had halved its 2022 forecast in March as it struggled to secure the chips needed to make its R1T pickup truck, R1S SUV and electric delivery van for Amazon.com Inc.

It delivered 1,227 vehicles in the first quarter, up from 909 units in the previous quarter.

Rivian has received over 90,000 preorders for its R1S SUV and R1T pickup truck.

The companys firstquarter revenue came in at 95 million, below analysts estimates of 130.5 million, according to Refinitiv data.

Net loss widened to 1.59 billion from 414 million a year earlier.