Rivian Automotive Inc maintained its annual forecast on Monday as the electric-vehicle maker scrambles to lift output in an industry under pressure from an uncertain economy and a price war started by Tesla Inc .
, fell 2.4% in a broad decline for EV stocks that saw Tesla fall 6.3% after its own production report.
Rivian made 9,395 vehicles in the first quarter ended March, a drop of more than 6% from the previous three months. Deliveries also dipped over 1% from the prior quarter to 7,946 vehicles. Output took a hit from supply-chain issues and a scheduled stop in the company's commercial production line for most of the quarter to introduce new technologies, including lithium iron phosphate battery packs.
"We consider the numbers a significant disappointment," said CFRA Research analyst Garrett Nelson, who downgraded the stock to "strong sell" from "sell". "The report likely indicates that Rivian has continued to burn through cash at an alarming rate and is nowhere near generating even a gross profit, much less a net profit."CFO Claire McDonough said in February that Rivian expects much of the output to come in the second half due to supply constraints and the planned downtime in the first quarter.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
EV maker Rivian misses first-quarter production estimates; shares dropRivian Automotive Inc on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints, sending its shares down 4% in early trade.
Weiterlesen »
EV maker Rivian misses production estimates on supply chain hurdlesRivian Automotive Inc on Monday missed first-quarter production estimates as the electric-vehicle maker grappled with supply chain constraints.
Weiterlesen »
Rivian delivers 7,946 vehicles in first quarter, says it’s on pace to meet annual production goalRivian Automotive Inc. produced 9,395 vehicles at its Normal, Ill. manufacturing facility during the first quarter, the electric-vehicle company announced...
Weiterlesen »
V-12-powered Gordon Murray Automotive T.33 Spider coming soonGMA's T.33 Spider is coming soon with retro looks and V-12 power.
Weiterlesen »
Amazon Has Tripled Its Fleet Of Rivian EDVs To 3,000 Across The USAmazon says that over 75 million packages have been delivered using Rivian EDVs, a massive increase over the 10 million packages reported in February 2022.
Weiterlesen »
Rivian R1T Electric Pickup Converted To Open-Air Safari Vehicle In Africa | CarscoopsThe custom R1T features 8 seats in addition to its new lofted roof, and is the only right-hand drive Rivian in the world
Weiterlesen »