Electrical car maker Rivian Automotive on Wednesday reaffirmed its 25,000-vehicle manufacturing goal for 2022, however mentioned it plans to spend much less to do it as the corporate reported third-quarter income that fell in need of Wall Avenue’s expectations.

Rivian minimize its steerage for 2022 capital expenditures: It now expects its full-year capital expenditures to whole about $1.75 billion, down from the $2 billion it guided to after the second quarter, because it shifts some deliberate spending to subsequent yr.

The corporate nonetheless expects its full-year adjusted loss earlier than revenue, taxes, depreciation and amortization to come back in at $5.4 billion, consistent with the steerage it gave in August.

Shares of the corporate rose 7% in after-hours buying and selling.

Listed here are the important thing numbers from Rivian’s third-quarter earnings report, in contrast with common Wall Avenue analyst expectations as complied by Refinitiv:

• Income: $536 million, versus $551.6 million anticipated.
• Adjusted loss per share: $1.57, versus an anticipated lack of $1.82 per share.

Rivian’s internet loss for the third quarter was about $1.72 billion, a wider loss than the $1.23 billion it reported a yr earlier.

As of September 30, the corporate had about $13.8 billion in money remaining, down from $15.5 billion as of June 30. Rivian mentioned whereas inflation has been a think about its provide chain, it is taking steps to cut back prices and gradual spending on future product. It reiterated that it is “assured” its money hoard will final by way of 2025.

As a part of its strikes to gradual spending, the corporate now expects to launch its upcoming smaller product platform, referred to as R2, in 2026 somewhat than in 2025 because it had beforehand mentioned. The R2 might be inbuilt a brand new manufacturing unit in Georgia.

Rivian mentioned it now has “over 114,000” preorders for its R1-series vans and SUVs, up from about 98,000 preorders as of Aug. 11. These totals do not embody the 100,000 electrical supply vans ordered by Amazon in 2020.

Rivian mentioned it is added a second shift of staff at its Illinois manufacturing unit, a key step towards boosting manufacturing volumes. It famous that the brand new staff are nonetheless coming on-line — however mentioned that the second shift is already producing automobiles.

Rivian mentioned on Oct. 3 that it produced 7,363 automobiles within the third quarter and delivered 6,584 automobiles to prospects in the course of the interval. Yr so far, by way of the third quarter, Rivian produced 14,317 automobiles.

The automaker additionally mentioned Wednesday that with manufacturing volumes rising, it has moved to transport its automobiles by rail, somewhat than by truck. That change has decreased prices, however it additionally implies that new automobiles could take extra time to get to prospects after being produced. Due to that lag, Rivian mentioned, the hole between its quarterly manufacturing and supply totals could enhance going ahead.