Rivian beats revenue estimates on high-end EV sales

Rivian reported a smaller net loss in addition to better-than-expected revenue numbers for the quarter

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.

EV STARTUPS FROM LUCID TO RIVIAN SEE DEMAND FADE, SUPPLY CHAIN ISSUES LINGER

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.

EV MAKER RIVIAN CUTTING 6% OF WORKFORCE, BUT MANUFACTURING JOBS SPARED

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.

SEVERAL TOP RIVIAN EXECUTIVES DEPART THE ELECTRIC VEHICLE STARTUP

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.

Ticker Security Last Change Change %
RIVN RIVIAN AUTOMOTIVE INC. 10.30 -0.03 -0.24%

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.