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EV maker Rivian beats revenue estimate, expects wider operating loss

(Reuters) -Electric-vehicle maker Rivian Automotive Inc on Thursday forecast a wider operating loss for the year, but shares rose 4% in after-hours trade as the company beat...
EV maker Rivian beats revenue estimate, expects wider operating loss © 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 on Thursday forecast a wider operating loss for the year, but shares rose 4% in after-hours trade as the company beat quarterly revenue estimates.

Rivian said it now expects to post an adjusted loss before interest, taxes, depreciation and amortization of $5.45 billion, compared with a previously projected loss of $4.75 billion.

Still, Rivian built fewer than 7,000 vehicles in the first half, but reaffirmed its full-year target of 25,000.

The Irvine, California-based company said it plans to add a shift to its Normal, Illinois, assembly plant by the end of the third quarter, but also noted that it expects higher raw material costs and other supply-chain challenges to continue.

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

At the end of June, Rivian said it had unsold inventory worth $655 million.

The company said it has received about 98,000 unfilled 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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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

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EUR/USD

1.0658

-0.0008 (-0.07%)

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GBP/USD

1.2475

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USD/JPY

157.91

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AUD/USD

0.6469

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USD/CAD

1.3780

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168.32

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
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SJC 99,99%7,370/ 7,470
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SJC 99%7,196/ 7,396
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Cập nhật 01-05-2024 10:45:19
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KRW15,9219,31
Cập nhật lúc 10:45:15 01/05/2024
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