This post was originally published on this site
Investing.com — Rivian reported Thursday better-than-expected second-quarter results, but the electric vehicle maker forecast deeper losses for the year as ongoing supply-chain issues continue to hold back production.
Rivian Automotive Inc (NASDAQ:RIVN) turned positive after falling more than 2% in afterhours trading following the report.
The EV maker reported a loss of $1.62 a share on revenue of $364 million, topping estimates of $1.63 and $335.4 million, respectively.
Operating expenses in the second quarter of 2022 grew to $1,004 million, as compared to $580 million in the same period last year, driven by its “investment in people, technology, and vehicle programs,” the company said.
The company produced 4,401 vehicles in the second quarter, up from 2,553 in the first quarter.
The company reaffirmed its 2022 production guidance of 25,000 total units, but cut its guidance on adjusted EBITDA to a loss of $5.45 billion for the year, compared with a prior forecast for a loss of $4.75 billion, reflecting the impact of rising costs, and supply-chain challenges, the company said.
