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Fox Business
Fox Business
10 May 2023


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.

Rivian truck

 A Rivian R1T electric truck is seen outside Munro & Associates headquarters in Auburn Hills, Michigan. (REUTERS/Rebecca Cook/File Photo / Reuters Photos)

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.

Rivian vehicles sit outside a showroom.

Electric-vehicle startup Rivian Automotive. (Photo by Justin Sullivan/Getty Images / Getty Images)

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.

Rivian facility

A Rivian Automotive sign outside the electric truck makers facility, in Plymouth, Michigan. (REUTERS/Kevin Krolicki/File Photo / Reuters Photos)

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.

TickerSecurityLastChangeChange % RIVNRIVIAN AUTOMOTIVE INC.13.86-0.01-0.07%

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.