Rivian Automotive Inc (NASDAQ:RIVN) forecast a wider loss and lower capital expenditure than it had previously predicted for the full year, although revenue for the second quarter exceeded analysts' expectations.
Having made 4,401 electric utility vehicles during the quarter, compared to 2,553 in the first, revenue of US$364mln was reported, up from zero a year ago and the US$337.5mln forecast by analysts.
Adjusted losses per share were US$1.62 compared to US$5.72 a year ago and expectations on Wall Street of US$1.63.
The EV company reiterated its annual production forecast of 25,000 units and said it would add a second shift of vehicle assembly to its Illinois plant by the end of the third quarter.
Demand for electric SUVs and trucks is increasing, Rivian said, claiming a backlog of preorders that reached 98,000 at the end of June.
But the company now forecasts an EBITDA loss of US$5.4bn for the full year, wider than the US$4.75bn loss it guided to in May, and expects to capital expenditure to reach US$2bn for the full year, lower than its US$2.6bn previous guidance.
In addition, Harald Kroeger, a former Bosch and Daimler executive, has joined the board, the company said.
After the shares closed up 4% on the Nasdaq on Thursday they are expected to fall 2.44% on Friday to around US$38.