Electrical car maker Rivian Automotive on Tuesday reported a first-quarter loss that was narrower than anticipated and mentioned it is nonetheless on observe to satisfy a 50,000-vehicle manufacturing goal for 2023.

Shares had been up about 4% in after-hours buying and selling following the information.

This is how the corporate did as per consensus analyst estimates by Refinitiv:

• Loss per share: $1.25 adjusted vs. $1.59 anticipated.
• Income: $661 million vs. $652.1 million anticipated.

Rivian’s web loss narrowed to $1.35 billion, or $1.45 per share, from $1.59 billion, or $1.77 per share, through the year-earlier interval.

On an adjusted foundation, Rivian misplaced $1.25 per share through the interval, in contrast with $1.43 per share within the year-ago interval.

Complete income soared yr over yr from $95 million, based on the corporate.

The EV maker had $11.8 billion in money remaining as of March 31, down from $12.1 billion on the finish of 2022. Capital expenditures for the primary quarter had been $283 million, versus $418 million within the year-ago interval.

Rivian has been working to scale back its spending during the last a number of months in a bid to preserve money. The corporate mentioned on Feb. 1 that it might lower 6% of its workforce, or about 900 workers.

“Our core priorities for 2023 are unchanged,” CEO RJ Scaringe mentioned in an earnings launch Tuesday. ”The staff stays targeted on ramping manufacturing, driving price reductions, growing the [upcoming smaller] R2 platform and future applied sciences and delivering an impressive end-to-end buyer expertise.”

Rivian mentioned on April 3 that it constructed 9,395 EVs within the first quarter and delivered 7,946 automobiles to clients. Each numbers had been down from the fourth quarter, a results of deliberate manufacturing unit downtime as the corporate upgraded meeting strains to include its new made-in-house “Enduro” electrical motors and lower-cost lithium iron phosphate battery packs.

Chief Monetary Officer Claire McDonough pressured that the brand new motors and batteries are “important to realize our long-term goal price construction throughout present car platforms, in addition to R2.”

Rivian’s R2 platform, now in improvement, will underpin a collection of smaller automobiles priced beneath the R1T pickup’s present $73,000 beginning worth. It is at present anticipated to launch in 2026.

The automaker confirmed that it stays on observe to hit its full-year manufacturing steering of fifty,000 automobiles, roughly twice the quantity it made in 2022, with complete capital expenditures of about $2 billion for the yr.

The corporate is at present constructing the R1T pickup, the R1S SUV and a collection of electrical supply vans for Amazon at its manufacturing unit in Regular, Illinois.