Rivian Automotive Inc. stated it expects to fall in need of its annual manufacturing goal because the EV maker gave buyers the primary take a look at its operations as a public firm.

The EV startup will likely be “a couple of hundred autos quick” of its objective to supply 1,200 items by the top of the 12 months, in response to a press release Thursday. Rivian stated it had a internet lack of $1.23 billion within the third quarter, or an adjusted internet lack of $776 million.

The quarterly report got here as Rivian stated it’ll construct its second EV meeting plant in Georgia.

Boosting output of the marquee pickup has been “more durable than anticipated,” CEO R.J. Scaringe stated on a convention name with analysts. There aren’t any long-term, systemic points in its provide chain, he added.

The report underscores the challenges in ramping up manufacturing after the would-be rival to Tesla Inc. raised $12 billion in an preliminary public providing final month, the most important itemizing of the 12 months. The Irvine, Calif.-based firm, which additionally introduced plans to open a brand new manufacturing facility in Georgia, is backed by a stellar checklist of strategic and institutional buyers, together with Ford Motor Co., Amazon.com Inc., and Wall Avenue stalwarts like T. Rowe Worth and BlackRock.

Shares of Rivian had been down 10 % to $97.97 in after-hours buying and selling Thursday. Via the shut, the inventory was up 40 % from its IPO, giving it a market worth of just about $100 billion, better than Common Motors and Ford.
 

The startup launched its first mannequin in September, the R1T pickup, which is being constructed at a facility in Regular, Unwell. Rivian began deliveries of its R1S SUV this month. It additionally has an order to supply 100,000 battery-powered supply vans for Amazon.

Rivian has been prioritizing assets for the Amazon Van challenge over its personal shopper fashions, Bloomberg reported in October. Rivian stated Thursday that it will begin deliveries of the primary saleable Prime Rivian vans to Amazon this month.

Preorders up

Internet preorders for the 2 R1 fashions grew to a mixed 71,000 as of Dec. 15, Rivian stated, up from 55,400 on the finish of October. The corporate has additionally grown to greater than 10,000 staff.

To help its progress, Rivian stated it will begin constructing the EV and battery plant in Georgia subsequent summer season, confirming reviews by Bloomberg Information and different retailers in current days. The $5 billion website is projected to make use of greater than 7,500 folks and have manufacturing capability for 400,000 autos yearly, with manufacturing beginning in 2024.

Rivian ended the quarter with money and money equivalents of $5.2 billion. Factoring within the proceeds of the corporate’s IPO and the worth of its senior secured notes, the corporate would have $19.9 billion of accessible money.