Breaking News
May 10, 2023
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Rivian Automotive Inc soared 8.2% to $15.0 after the electric vehicle maker reiterated its 2023 production target of 50,000 trucks and reported narrower-than-expected quarterly loss.
The company delivered 7,946 vehicles and produced 9,395 vehicles in the first quarter.
Revenue in the first quarter surged six-fold to $661 million from $95 million and net loss narrowed to $1.4 billion from $1.6 billion and diluted loss per share shrank to $1.45 from $1.77 a year ago.
The company confirmed its capital expenditure in 2023 of $2 billion and adjusted operating earnings of $4.3 billion.
Negative free cash flow increased to $1.8 billion from $1.45 billion in the quarter a year ago.
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