Rivian’s losses widen, but investors like hearing of ‘progress’ in next-gen EV
Rivian Automotive Inc. on Thursday posted a larger-than-expected quarterly loss and revenues that were below expectations, but held on to its sales and production outlook, with the stock eking out a 2% gain in the after-hours session.
Rivian also dialed down the year’s adjusted Ebitda guidance to between a loss of $2.825 billion and a loss of $2.875 billion. A lower production outlook for the year has hit profits due to Rivian’s “limited ability to leverage the fixed costs” at its Normal, Ill., factory.