Rivian's Q1 Revenue Beats Analysts' Estimates, Shares Rise 4%

Electric vehicle manufacturer Rivian Automotive reported a narrower-than-expected first-quarter loss and revenue that surpassed analysts’ estimates. The company’s net loss decreased to $1.35 billion, or $1.45 per share, from $1.59 billion, or $1.77 per share, during the same period in 2022. Rivian said it had $11.8 billion in cash as of March 31st, down from $12.1 billion at the end of last year. Rivian confirmed that it remains on track to meet its target of producing 50,000 vehicles in 2023 and is working to develop its upcoming smaller R2 platform. Shares were up about 4 percent in Tuesday's after-hours trading following the announcement.