Rivian Automotive Inc. reported first-quarter revenue grew 11% to $1.4 billion, driven by a 20% increase in vehicle deliveries and a 49% jump in its software and services segment during the quarter.
The first R2 electric vehicles were delivered to employees in the first quarter, while production on consumer EVs started last week.
Rivian also announced plans to increase the production capacity of its future manufacturing facility in Georgia by 50% to 300,000 vehicles annually, “which is expected to significantly boost cost efficiency.”
Despite the revenue jump, shares fell 3.1% to $15.90 apiece in after-hours trading Thursday following the report. On Friday, shares slipped even further as investors questioned consumer demand for the lower-priced SUV, according to GuruFocus.
In midday trading Friday, shares dropped nearly 7% to $15.33 apiece with a market cap of $19.3 billion. (Nasdaq: RIVN)
(This story was updated Friday, May 1)
