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. Â
The first R2 electric vehicles were delivered to employees in the first quarter while production on consumer EVs started last week. Â
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.” Â
The expansion is backed by the automaker’s loan from the Department of Energy, which has been altered from $6.6 billion to $4.5 billion. Â
Shares fell 3.1% to $15.90 apiece in after-hours trading following the report (Nasdaq: RIVN).Â
