Rivian Automotive (NASDAQ:RIVN) saw its shares slide more than 3% in after-hours trading Tuesday after the electric vehicle (EV) maker reported worse-than-expected earnings for the fiscal Q1 2024.
To be specific, Rivian posted a first-quarter loss per share of $1.48, notably wider than the expected loss per share of $1.15. However, the company's quarterly revenue reached $1.2 billion, exceeding the consensus estimate of $1.15 billion.
In Q1, Rivian said it produced 13,980 vehicles and delivered 13,588.
Looking ahead, the company reaffirmed its 2024 production and adjusted EBITDA guidance. Meanwhile, production for the R2 model is expected to start in the first half of 2026 at its Normal, Illinois, facility, Rivian said.
“First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability," RJ Scaringe, Rivian's Founder and CEO said.
"We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X. It is great to see the incredible support for our brand and upcoming products.”