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Rivian Automotive Inc. (Nasdaq: RIVN) said it manufactured 14,611 electric vehicles in the first quarter, a 4.5% increase from a year ago, and delivered 8,640, down 36%.
The Irvine automaker said the results were in line with its Q1 outlook of approximately 14,000 vehicles produced and approximately 8,000 vehicles delivered.
Rivian also reaffirmed its 2025 delivery forecast of 46,000 to 51,000 vehicles.
Shares fell 5.3% to $12.58 apiece with a market cap of $14 billion during midday trading.
The company will report first quarter financial results on May 6 after market close. The general analyst consensus for Rivian’s Q1 revenue is $982.8 million, an 18% drop from the year before.
To read more about Rivian Automotive, please see this week’s issue of the Business Journal.