stock is rebounding Thursday morning following the news that reservations for its electric trucks have been increasing, despite recent price hikes and production issues.CEO RJ Scaringe reported on Rivian's first-quarter earnings call Wednesday that the company had received 10,000 new reservations in the U.S. and Canada sinceacross the lineup of R1T and R1S pickups and SUVs on March 1.
The average price for the additional vehicles reserved was $93,000 and Scaringe said it currently has a total of over 90,000 reservations.Rivian built 2,553 vehicles in the first quarter and approximately 5,000 since production began last year. It expects to produce 25,000 pickups and SUVs at its Normal, Illinois, factory during 2022, and that the number could be higher if supply chain issues ease. The facility has a capacity of 150,000 units annually.
The company reported a loss of $1.43 per share that just missed analysts' estimates. Rivian stock was trading above $25 on Thursday morning, down from an all-time high of $179.47 shortly after its IPO last year. Ford invested $500 million in Rivian when it was a private company and originally planned to have it build a Lincoln model, but later abandoned the collaboration.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks Making the Biggest Moves After Hours: Disney, Bumble, Rivian and MoreThese are the stocks posting the largest moves in extended trading.
Source: NBCDFW - 🏆 288. / 63 Read more »
Rivian is recalling about 500 of its electric pickups for a child-safety defectAffected vehicles may not properly disable the airbag when a child is in the front seat. So, i have the only 1 that wasnt recalled? Recall 500 out of 1000 sold? Is it? All 500?
Source: CNBC - 🏆 12. / 72 Read more »
Rivian lost $1.59 billion and delivered 1,227 electric trucks in the first quarter of 2022The company’s stock price has tumbled this week. Amazing. I love this truck
Source: verge - 🏆 94. / 67 Read more »
Rivian reaffirms production outlook despite supply-chain snags, boosting stockRivian Automotive Inc. stock rose more than 8% in after-hours trading Wednesday after the electric-vehicle maker posted another quarterly loss and revenue... I have incredible demand for my warp drive. I just can't build that many. If I was weebo from flubber, I’d be suing Rivian for intellectual property🐓suckers
Source: MarketWatch - 🏆 3. / 97 Read more »
Ford sells shares in EV maker Rivian for $214 millionFord sold eight million shares of electric-car maker Rivian for $214 million, or $26.80 apiece, the U.S. automaker said in a filing on Tuesday. So frustrating. Well it kinda makes sense Ford learned a lot from rivian, but now it time to focus on the lightning. If I had a billy I would buy rivian at this dip. Owners, fans , & critics love it. If they keep going they’ll be at every camp & job site Rivian electricvehicles Rivian invest
Source: therealautoblog - 🏆 528. / 51 Read more »
Rivian lost $1.59 billion and delivered 1,227 electric trucks in the first quarter of 2022The company’s stock price has tumbled this week. Amazing. I love this truck
Source: verge - 🏆 94. / 67 Read more »