Rivian Automotive Inc's (NASDAQ:RIVN) shares fell nearly 7% after hours following the company's announcement that it will maintain its current production forecast for the year and expects a slight decrease in third-quarter deliveries.
The electric vehicle maker is focused on rebuilding inventory after a factory shutdown in April aimed at cutting overheads.
CEO RJ Scaringe stated that cost reductions from the factory retooling will be realised in the second half of the year, reaffirming the goal of achieving the first profit in the last quarter. Despite these efforts, Rivian continues to incur substantial losses, with a reported 39% loss per vehicle sold.
As expected, it booked a loss of $1.46 billion for the three months ended June 30, which was steady quarter on quarter.
Rivian ended the period with $5.76 billion in the bank, including $1 billion from VW. It recently announced a $5 billion deal with the German auto giant.
The stock was off $1.03 at $13.77, valuing the electric pickup maker at $15.25 billion.