Rivian lifts 2023 EV production target, reassures on liquidity
Rivian Automotive (RIVN.O) on Tuesday raised its full-year production forecast, and its chief executive said the electric vehicle maker has enough money to last it through 2025 as it keeps a lid on costs.
Shares in Rivian, which initially rose nearly 3% after results were published, were up 1% in choppy extended trading. The stock has soared nearly 80% in the past three months.
The Amazon-backed (AMZN.O) company, like other EV rivals has been burning through cash to ramp up production and keep up with market leader Tesla (TSLA.O), which has slashed prices.
Rivian, though, has fared better than smaller firms as demand for its pickup trucks and sport-utility vehicles has risen despite high borrowing costs for consumers.
The competition and a tight funding environment led two EV ...