Rivian Automotive confirmed plans Thursday to construct a brand new automobile meeting plant in Georgia, as the corporate begins manufacturing of a second electrical automobile at its present facility in Illinois.

Each are notable milestones for Rivian, which additionally reported its first quarterly outcomes as a public firm after market shut. The corporate mentioned reservations for its electrical R1T pickup and R1S SUV elevated to 71,000, up 28% in contrast with the latest tally of 55,400 automobiles in November.

The corporate’s quarterly outcomes fell in step with estimates the corporate beforehand launched as a part of its current IPO.

For the third quarter, Rivian reported an operational lack of $776 million and a web lack of $1.23 billion. The corporate had beforehand predicted an operational loss between $745 million and $795 million and a web loss between $1.21 billion and $1.28 billion.

The corporate posted a loss per share of $12.21 on income of about $1 million.

Wall Road analysts anticipated the corporate to report a $5.52 earnings per share loss on income of $1 million, based on a handful of estimates compiled by Refinitiv. CNBC doesn’t evaluate reported EPS to Wall Road analysts for a corporation’s first report since going public due to uncertainty round share counts.

Rivian’s inventory closed Thursday at $108.87 a share, down by 5.3% forward of the bulletins. Shares slipped 3% throughout afterhours buying and selling.

The brand new battery and meeting plant, particulars of which have been lately reported within the media, might be east of Atlanta. It is projected to price $5 billion and make use of 7,500 employees.

Rivian, whose stakeholders embody Amazon and Ford Motor, went public by way of a blockbuster IPO in November. It was the primary automaker to go to market with an all-electric pickup truck referred to as the R1T.

Wall Road analysts have set a excessive bar for Rivian, evaluating CEO RJ Scaringe to Superman and saying the corporate’s ”the one” able to difficult EV chief Tesla.

Rivian continues to be a progress story, although. It expects capital expenditures of about $8 billion by way of 2023, with some analysts reminiscent of BofA Securities’ John Murphy forecasting Rivian will not flip an working revenue till no less than 2025.

That is breaking information. Please examine again for updates.

— CNBC’s Michael Bloom contributed to this report.