Rivian stock jumps as EV auto maker says demand remains high and production on track

Production of Rivian R1T electric pickup trucks on April 11, 2022 at the company’s plant in Normal, Illinois.

Michael Wayland/CNBC

electric car maker Rivian Cars On Wednesday, it maintained its production target for 2022, saying it was still on track to build 25,000 cars this year, as it reported a jump in bookings and a first-quarter loss that was slightly narrower than Wall Street expected.

Here are the key numbers from Rivian First Quarter Earnings Report:

  • share loss: $1.43, narrower than Wall Street’s estimate of $1.44 per Refinitiv.
  • Revenues: $95 million, versus $130.5 million for all Refinitiv consensus estimates.
  • net loss: $1.59 billion.
  • Vehicle reservation: More than 90,000.

Rivian said it now has more than 90,000 reservations, up from 83,000 in its last update in March. This total includes about 10,000 new reservations made since then Prices were raised at the beginning of MarchShe said, with an average purchase price of more than $93,000.

But it may take some time before Rivian makes those last requests. The company said it has lost “nearly a quarter” of its planned production since the end of March due to supply shortages of some key components, including semiconductor chips.

As of May 9, the company said, Rivian had produced a total of about 5,000 vehicles since production began last fall, including R1T trucks, R1S SUVs, and an electric delivery truck for the Amazon called EDV.

Rivian 2022 production targets Reflects supply chain constraints and internal manufacturing issues. The 25,000 target is half the full-year figure that Rivian set in its promo to investors before its initial public offering last November.

Rivian’s manufacturing effort will soon have a new leader. Frank Klein, the current leader of the automotive supplier Magna Internationall’s Contract Manufacturing unit will join the company as Chief Operating Officer on June 1. Klein is expected to focus on resolving supply chain issues and increasing Rivian’s production.

The company said it had $17 billion in cash left through March 31, according to its first-quarter release, enough to cover its spending by launching its next model at a planned new plant in Georgia in 2025.

The company’s shares are up about 4% in after-hours trading Wednesday, after falling nearly 10% during the regular trading session.

As of Wednesday’s close, Rivian shares have lost about 28% of their value since the post-IPO closing period for insiders and early investors ended on Sunday. Ford Motor It sold 8 million of about 102 million shares of Rivian on Monday at an average price of $26.80 per share. Inventory For the first time in the public market at $106.75 per share six months ago.

This is urgent news. . Please check back for updates