Rivian losses grow to $1.5 billion in Q1

Rivian reported mixed quarterly results for the first quarter but will see further cost savings from shifting its upcoming R2 production to its Normal, Ill., plant and trimming its capital expenditure forecast. The EV maker also reaffirmed its full-year loss forecast and still sees a "path" to "modest gross profit" in the fourth quarter of this year.

For the quarter, Rivian reported revenue of $1.20 billion versus $1.17 billion expected, which is an 80% jump from a year ago. However, Rivian posted a loss per share of $1.48 versus $1.27 estimated, with an operating loss of $1.484 billion compared to the $1.299 billion loss expected.

Rivian reaffirmed its adjusted EBITDA loss forecast of $2.7 billion for 2024 but now sees its capital expenditure outlays improving to $1.2 billion from $1.75 billion seen earlier. This is due to the company moving the start of R2 production to its Normal, Ill., plant, and further savings expected in 2025 and 2026.

Rivian stock slipped 5% in early trading on Wednesday.

"We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform, which underpins the R2, R3, and R3X," CEO RJ Scaringe said in a statement.

The company also said that as a result of its retooling upgrade and other improvements, Rivian remains "confident in its path to achieving modest gross profit in the fourth quarter of this year."