Irvine-based electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) appears to be getting the supply chain issues that plagued its manufacturing operations in 2022 under control.
The company this month projected its output will grow to 52,000 vehicles for 2023, kicking up its prior outlook by 4%.
The company on Aug. 8 also predicted a 2023 adjusted net loss (EBITDA loss) of $4.2 billion, a slight improvement over the company’s May prediction.
The continued loss-making may be behind the more than 20% drop in the share price earlier this month.
The August stock hit comes after a standout July for Rivian on Wall Street.
The maker of electric pickup trucks and SUVs for consumers, and an electric delivery van for Amazon, last month set a record nine-day rally on Wall Street, which added $11 billion to the company’s market value, pushing its valuation close to $25 billion for a period.
Rivian, currently valued around $20 billion, now stands as OC’s third-most valuable public company.