Rivian Automotive reiterates annual production outlook, shares jump

Adds aspects on final results, shares

May well 11 (Reuters) – Rivian Automotive Inc RIVN.O on Wednesday reaffirmed its yearly manufacturing forecast of 25,000 models as the electrical-car maker carries on to fight offer chain disruptions and substantial materials expenses.

The Irvine, California-based mostly firm’s shares rose about 12% in prolonged investing.

Rivian experienced halved its 2022 forecast in March as it struggled to safe the chips necessary to make its R1T pickup truck, R1S SUV and electrical shipping van for Amazon.com Inc AMZN.O.

It sent 1,227 vehicles in the to start with quarter, up from 909 units in the previous quarter.

Rivian has acquired more than 90,000 pre-orders for its R1S SUV and R1T pickup truck.

The firm’s initial-quarter profits came in at $95 million, under analysts’ estimates of $130.5 million, in accordance to Refinitiv facts.

Net loss widened to $1.59 billion from $414 million a year previously.

(Reporting by Akash Sriram in Bengaluru Modifying by Devika Syamnath)

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