Rivian said it was on track to build 25,000 vehicles this year, despite a slightly narrower first-quarter loss, as it reported a jump in reservations.
Rivian's first-quarter earnings report contains key numbers.
Rivian had 83,000 reservations as of the last update, but now has over 90,000. It said that the total includes about 10,000 new reservations made since it raised prices at the beginning of March.
Rivian may not be able to fulfill the most recent orders soon. The company said it has lost about a quarter of its planned production since the end of March due to tight supplies of some critical components.
Rivian has produced a total of 5,000 vehicles since it started production last fall, including R1T pickup, R1S SUVs and an electric delivery van for Amazon called the EDV.
Supply chain constraints and internal manufacturing issues are reflected in Rivian's production goals. The full-year number Rivian laid out in its presentation to investors was 25,000.
Rivian's manufacturing efforts will soon have a new leader. The current leader of the contract-manufacturing unit of the company, Frank Klein, will become the company's chief operating officer on June 1. Rivian's production is expected to be scaled up by Klein.
The company had $17 billion in cash as of March 31, enough to cover its spending through the launch of its next model at a planned new factory in Georgia in 2025, according to its first-quarter release.
The company's shares rose 4% in after hours trading on Wednesday, after tumbling nearly 10% in the regular trading session.
Rivian's shares have lost about 28% of their value since a post-IPO lockup period for insiders and early investors expired on Sunday. Ford Motor sold 8 million of its Rivian shares on Monday at an average price of $26.80 per share. Six months ago, the stock was traded on the public markets.
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