Electrical car maker Rivian Automotive on Wednesday maintained its 2022 manufacturing goal, saying it is nonetheless on observe to construct 25,000 autos this yr, because it reported a bounce in reservations and a first-quarter loss that was barely narrower than Wall Avenue had anticipated.

Listed below are the important thing numbers from Rivian’s first-quarter earnings report:

• Loss per share: $1.43, narrower than Wall Avenue’s $1.44 consensus estimate per Refinitiv.
• Income: $95 million, versus $130.5 million per Refinitiv consensus estimates.
• Internet loss: $1.59 billion.
• Car reservations: Over 90,000.

Rivian mentioned it now has over 90,000 reservations for its R1-series truck and SUV, up from 83,000 as of its final replace in March. That whole consists of about 10,000 new reservations made because it raised costs at first of March, it mentioned, at a mean buy worth of over $93,000.

However it could be some time earlier than Rivian fills these most up-to-date orders. The corporate mentioned it has misplaced “roughly 1 / 4” of its deliberate manufacturing because the finish of March because of tight provides of some crucial parts, together with semiconductor chips. Rivian’s Illinois manufacturing unit can have a capability of as much as 150,000 autos per yr as soon as its manufacturing line is operating at full velocity.

By way of Could 9, Rivian had produced a complete of about 5,000 autos since beginning manufacturing final fall, the corporate mentioned, together with R1T pickups, R1S SUVs and an electrical supply van for Amazon referred to as the EDV 700. A second, smaller van for Amazon, referred to as EDV 500, is at the moment in remaining testing, CEO RJ Scaringe mentioned.

Rivian’s 2022 manufacturing targets mirror provide chain constraints and inside manufacturing points. The 25,000 goal is half the full-year quantity that Rivian specified by its roadshow presentation to buyers forward of its IPO final November.

Rivian’s manufacturing efforts will quickly get a brand new chief. Frank Klein, the present chief of auto provider Magna Worldwide’s contract-manufacturing unit, will be a part of the corporate as chief working officer on June 1. Klein is anticipated to concentrate on resolving these provide chain points and scaling up Rivian’s manufacturing.

The corporate had $17 billion in money remaining as of March 31, in accordance with its first-quarter launch. It mentioned that shall be sufficient to cowl its spending by the launch of its subsequent mannequin, a lower-cost car referred to as R2, at a deliberate new manufacturing unit in Georgia in 2025.

Shares of the corporate rose roughly 3% in after hours buying and selling Wednesday, after shedding almost 10% in the course of the common buying and selling session.

By way of Wednesday’s shut, Rivian’s shares had misplaced about 28% of their worth since a post-IPO lockup interval for insiders and early buyers expired on Sunday. Ford Motor bought 8 million of its roughly 102 million Rivian shares on Monday at a mean worth of $26.80 per share. The inventory debuted on the general public markets at $106.75 per share six months in the past.

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