(Rivian) Shares of Rivian rose more than 27% on Thursday after retaining its production guidance of 25,000 electric vehicles in 2022.
Rivian also maintained guidance of an EBITDA loss of $4.750 million in FY22 and $2.6 billion of capital expenditures.
The upheld guidance came despite a wider loss of $1.593 billion in the first quarter of 2022, compared to a loss of $444 million last year. The company attributed the wider loss to operation costs.
In the first quarter, Rivian reported an adjusted EBITDA loss of $1.144 billion, which was an increase from $396 million in the prior year.
Rivian said it produced a total of 2,553 vehicles in the first quarter and delivered 1,227 of them. The revenue generated from the sales was $95 million.
RIVN: NASDAQ is up +27.38% on premarket.
