Rivian results charge up shares amid EV startup gloom

Shares of Rivian Automotive Inc rose 7 per cent on Wednesday as its positive earnings stood out in a poor quarter for electric-vehicle startups, but analysts warned that stiff competition will be a hurdle in its path to profitability.

Graphic: Rivian quarterly loss drops to lowest in over a year Rivian quarterly loss drops to lowest in over a year - https://www.reuters.com/graphics/RIVIAN-RESULTS/gkvlwknaapb/chart.png "We continue to like the truck, but not necessarily the stock and the headlines that may be ahead," said Michael Shlisky of D.A. Davidson, who was among the 10 analysts that lowered their price target on a stock that has declined 25 per cent this year.

The Amazon-backed company made 9,395 vehicles between January and March, which equates to about 2 per cent of the 440,808 produced by Tesla in the same period.

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Rivian beats quarterly revenue estimates on higher-priced EV sales:Rivian Automotive Inc on Tuesday beat Wall Street estimates for quarterly revenue as it sold more higher-priced electric vehicles, and stood by its annual production forecast of 50,000 cars.Shares in Rivian, which also cut costs during the January-March period, rose about 6 per cent in extended trading as in
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