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Rivian beats revenue estimates on high-end EV sales

By FOX Business
Published  May 10, 2023 6:28am EDT
Cars and Trucks
FOX Business

Rivian Automotive delivered better-than-expected quarterly revenue as it sold more higher-priced electric vehicles.

The automaker also stood by its annual production forecast of 50,000 cars.

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 electric pickup truck drives down the 680 Freeway in Danville, California, December 4, 2022. Photo courtesy Sftm. (Photo by Gado/Getty Images)

EV STARTUPS FROM LUCID TO RIVIAN SEE DEMAND FADE, SUPPLY CHAIN ISSUES LINGER

The expected production ramp up of its in-house Enduro powertrains is helping to reach its target and offset parts supply issues.

Rivian's R1T pickup trucks start at $73,000, while the R1S SUV is priced at $78,000.

Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data.

Workers assemble R1T trucks Monday, April 11, 2022, at the Rivian electric vehicle plant in Normal. (Brian Cassella/Chicago Tribune/Tribune News Service via Getty Images)

EV MAKER RIVIAN CUTTING 6% OF WORKFORCE, BUT MANUFACTURING JOBS SPARED

Cash and cash equivalents at the end of the first quarter were $11.24 billion, compared with $11.57 billion, in the preceding three-month period.

Rivian's quarterly net loss narrowed to $1.35 billion from $1.59 billion a year earlier.

Close-up of logo for electric vehicle company Rivian on a vehicle in San Ramon, California, August 13, 2022. Photo courtesy Sftm. (Photo by Gado/Getty Images)

SEVERAL TOP RIVIAN EXECUTIVES DEPART THE ELECTRIC VEHICLE STARTUP

The company announced in January that it was laying off 6% of its workforce as it looked to cut costs while ramping up production in an increasingly competitive EV market.

Several top executives including the vice president overseeing body engineering and its head of supply chain, left the EV startup as the new year started.

Reuters contributed to this report.