Rivian Automotive’s first quarter deliveries topped expectations as the electric vehicle (EV) maker said it is on track to meet its annual production guidance.
For the quarter ended March 31, 2023, Rivian delivered 7,946 vehicles, above the Street’s forecast per Bloomberg of 7,752.
During the same period, the company produced 9,395 vehicles at its Normal, Illinois manufacturing facility, above the expected 8,752 vehicles.
The company said in a statement that these figures were in line with its expectations, and “it believes it is on track to deliver on the 50,000 annual production guidance previously provided.”
Rivian produced 24,337 cars in 2022 and delivered 20,332 to customers.
Investors, however, were not impressed with the update and Rivian’s shares fell 4.1% to US$14.84 on Monday morning.
Shares of rival EV manufacturer Tesla had also fallen about 6.1% to US$194.72 despite the news that it delivered a record 422,875 EVs during the first quarter.
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