Shares of Rivian Automotive Inc. rose more than 8% in overtime prices on Wednesday after the electric vehicle maker kept its production outlook for 2022 intact and tried to reassure investors that it was on the right track amid a recent sell-off. their actions.
“We couldn’t have more confidence in the path we are leading,” CEO RJ Scaringe told investors in a call after first-quarter results.
has $ 17 billion in cash, the capacity to build 150,000 units of vehicles and sees “incredible demand” for its electric vehicles, including a cheaper vehicle in the future, “making sure we are positioning ourselves for significant growth in the coming years, “Scaringe said.
Rivian manufactured 2,553 vehicles during the quarter and delivered 1,227, generating $ 95 million in revenue, the company said.
Analysts surveyed by FactSet expected the electric vehicle maker to report an adjusted loss of $ 1.49 per share on sales of $ 133 million.
The gap between vehicles produced and delivered during the quarter was strictly on time, not on quality issues, Scaringe said.
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Rivian has taken a page from Tesla Inc. TSLA,
and also sells its vehicles directly to consumers, avoiding dealers.
The company has worked with suppliers so they can increase their production and Rivian can meet their demand, Scaringe said. Suppliers have been “leaning,” and that was partly what gave the company the confidence to maintain its production goals, the CEO said.
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“We remain focused on increasing production throughout 2022,” the company said in its letter to shareholders.
Rivian went on to describe production issues that included the shortage of semiconductor chips, as well as other parts, stops, and bottlenecks.
Supply chain “restrictions” will continue to limit production, but based on the “latest understanding of the supply chain environment,” Rivian reaffirmed its focus on manufacturing about 25,000 vehicles this year.
The electric vehicle maker said it had more than 90,000 pre-orders for its consumer electric vehicles in the United States and Canada, including 10,000 orders after model prices rose in March, averaging more than $ 93,000 each. .
Rivian said it ended the quarter with about $ 17 billion in cash and cash equivalents.
Shares closed the usual trading day with a 9.6% drop to an all-time low of $ 20.60, following news that Ford Motor Co. F,
and other major sponsors had sold shares as soon as the post-IPO period ended.
Shares have fallen 80% so far this year, compared to a loss of about 17% on the S&P 500 SPX.