Rivian Automotive Inc. (Nasdaq: RIVN) in Irvine said it produced 2,553 electric vehicles in the first quarter and is on track to meet its goals.
The company also said it had delivered 1,227 vehicles during the same period.
“These figures are in line with the company’s expectations, and it believes it is well positioned to deliver on the 25,000 annual production guidance provided during its fourth quarter earnings call on March 10, 2022,” the company said in a statement today.
Shares in Rivian fell 3% to $40.91 apiece for a market cap of $37 billion after the announcement.
The company, led by CEO RJ Scaringe, delivered 920 vehicles last year.
For further details, please see the April 11 print edition of the Business Journal.