© Reuters
Investing.com — Rivian lifted its annual production guidance Tuesday after reporting a narrower than expected loss in the second quarter as the electric vehicle ramped up production.
Rivian Automotive Inc (NASDAQ:) fell more than 2% in afterhours trading following the report.
The EV maker a loss of $1.27 a share on revenue of $1.12 billion, topping estimates of $1.43 and $1B, respectively.
Operating expenses in the second quarter of 2022 grew to $1,004 million, as compared to $580 million in the same period last year, driven by its “investment in people, technology, and vehicle programs,” the company said.
The company produced 13,992 vehicles in the second quarter, up nearly 50% from the prior-year period and delivered 12,640 EVs.
Looking ahead, the company said it expects to produce 52,000 vehicles in 2023, up from prior guidance for 50,000 deliveries.
The company said the annual production boost was supported by progress made to date “on our production lines, the ramp of our in-house motor line, and the supply chain outlook.”
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