Rivian Automotive Inc. shares dropped more than 2% in the extended session Tuesday after a wider-than-expected quarterly loss for the EV maker overshadowed a revenue beat and a production outlook raise.
lost $1.2 billion, or $1.89 a share, in the second quarter, compared with a loss of $1.7 billion, or $1.88 a share, a year ago. Adjusted for one-time items, Rivian lost $1.62 a share.
Revenue rose to $1.12 billion thanks to quarterly sales that exceeded expectations, the company said.
FactSet consensus called for a loss of $1.43 a share for Rivian on sales of $1.02 billion.
“We have also seen strong progress in our cost-reduction efforts,” Rivian said in a letter to shareholders accompanying results.
The company remains “focused” on increasing production and implementing technologies aimed at reducing costs and improving its products, it said.
Rivian bumped its 2023 production outlook to 52,000 vehicles, from a previous expectations of 50,000 vehicles.
Rivian surprised Wall Street last month by announcing second-quarter deliveries that nearly tripled, and production data that more than tripled from a year ago.
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Rivian shares have gained 36% so far this year, compared with an advance of about 17% for the S&P 500 index