Rivian said it lost $1.72 billion, or $1.88 a share, in the third quarter, compared with a loss of $1.23 billion, or $12.21 a share, in the year-ago period. “Our core focus remains on ramping production,” Rivian executives said.
Rivian Automotive Inc. stock rose 2% in the extended session Wednesday after the electric-vehicle maker posted a narrower-than-expected quarterly loss and kept its 2022 production estimates intact despite saying supply-chain snags continue to be a concern.
“Our core focus remains on ramping production,” Rivian executives said in a letter to shareholders. The company stuck with its 2022 production guidance of 25,000 vehicles and its call for an adjusted EBITDA loss of $5.45 billion for the year. The company debuted on capital markets in November 2021, with the stock soaring well above its initial public offering price on its first day of trading.
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