EV maker Rivian beats revenue estimates on higher deliveries By Reuters


© Reuters. FILE PHOTO: The logo of startup Rivian Automotive’s is seen at the electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. REUTERS/Kamil Krzaczynski

(Reuters) – Electric-vehicle maker Rivian Automotive Inc beat quarterly revenue estimates on Thursday as a ramp-up in production helped it deliver more SUVs, pickup trucks and vans.

The company has in recent months started overcoming the supply chain issues and semiconductor shortages that have curtailed its ability to meet soaring demand for electric vehicles.

Rivian reiterated its annual production forecast of 25,000 units and said it expects to add a second shift for vehicle assembly at its Normal, Illinois plant towards the end of the third quarter.

In the second quarter ended June 30, the EV maker delivered 4,467 vehicles, up from 1,227 units in the previous three months.

The company said it has received about 98,000 pre-orders for its R1S SUV and R1T pickup truck.

Revenue was $364 million in the second quarter, compared with the $337.5 million expected by analysts, according to IBES data from Refinitiv.

Net loss widened to $1.71 billion, from $580 million a year earlier.

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