Rivian on Wednesday reaffirmed its annual manufacturing forecast of 25,000 items, saying ongoing provide chain disruptions and uncooked materials prices have prevented tram The producer reached its preliminary aim of fifty,000 autos.
Shares of the Irvine, California-based firm rose 5% in prolonged buying and selling after ending the day down 9.6%.
“We stay centered on ramping up manufacturing by way of 2022. We consider provide chain constraints will proceed to be a limiting think about our manufacturing operations,” Rivian mentioned in a press release. letter to shareholders, including that they’d be capable to double their annual manufacturing if there was no provide. restrict.
Rivian halved its 2022 forecast in March because it struggled to safe the chips wanted for manufacturing R1T pickup truck, R1S Electrical SUVs and vans for Amazon.com Inc (AMZN.O).
It delivered 1,227 autos within the first quarter, up from 909 within the earlier quarter.
Rivian says it has acquired greater than 90,000 pre-orders within the US and Canada for the R1S SUV and R1T pickup truck as of Might 9.
The corporate’s first-quarter income got here in at $95 million, falling wanting analyst estimates of $130.5 million, based on Refinitiv knowledge.
Its internet loss rose to $1.59 billion from $414 million a yr earlier.
Wall Road buyers have been annoyed with the corporate’s progress and order numbers, and Rivian inventory has come underneath growing strain this week as the corporate’s post-IPO lock-in interval expires. Ford Motor Co (FN) offered 8 million shares of Rivian for $124 million, a submitting Tuesday confirmed.
At round $18.5 billion, Rivian’s market valuation has plummeted because it went public in November. The corporate is now valued on the equal of the $17 billion it holds in money and money equivalents.
Rivian, which at present operates a single plant in Illinois, is planning to take a position $5 billion to construct a brand new manufacturing plant in Georgia. An organization spokesman final week mentioned Rivian plans to open that manufacturing facility by the tip of 2024, however Rivian on Wednesday mentioned it was aiming for a 2025 launch date.
