Rivian beats revenue estimates on high-end EV sales

📆 5/10/2023 1:30 PM
📰 FoxBusiness

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Rivian Automotive shares rose following better-than-expect quarterly results as the EV company stood by its production forecast of 50,000 cars

Rivian Automotive delivered better-than-expected quarterly revenue as it sold more higher-priced electric vehicles.Rivian shares added more than 5% in extended trading.

Rivian bucked the trend seen by rivals Lucid Group and Fisker Inc as each trimmed their production targets. A Rivian R1T electric truck is seen outside Munro & Associates headquarters in Auburn Hills, Michigan. The expected production ramp up of its in-house Enduro powertrains is helping to reach its target and offset parts supply issues.

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Rivian stock jumps nearly 6% as EV maker narrows quarterly loss, keeps guidance intactRivian lost $1.35 billion, or $1.45 a share, in the first quarter, compared with a loss of $1.6 billion, or $1.77 a share, in the year-ago period. $RIVN rose after the EV maker reported a narrower quarterly loss and kept intact its guidance for the year:
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