Rivian Automotive, Inc reported a first-quarter 2023 adjusted loss per share of $1.25, better than the $1.59 per-share deficit expected by Wall Street analysts, as the electric vehicle maker said it’s still on track to meet a 50,000 vehicle production target for 2023.
Its total net loss for 1Q narrowed to $1.35 billion from $1.59 billion a year earlier.
The company also generated revenue of $661 million for the period, better than the $652.1 million consensus estimate reported by Refinitiv.
“The team remains focused on ramping production, driving cost reductions, developing the [upcoming smaller] R2 platform and future technologies and delivering an outstanding end-to-end customer experience,” Rivian Automotive CEO RJ Scaringe said in a statement.
Rivian finished the quarter with $11.8 billion in cash as of March 31, 2023, down from $12.1 billion at the end of 2022.
On February 1, the company said it would cut 6% of its workforce, or about 900 employees, in an effort to conserve cash.
The company’s 50,000 vehicle target for the year is about twice the number it made in 2022, with total capital expenditures in 2023 expected to be about $2 billion.
Shares of Rivian Automotive gained nearly 5% in Tuesday’s after-hours session.
Contact Sean at sean@proactiveinvestors.com