Rivian Automotive Inc. said it expects to fall short of its annual production target as the EV maker gave investors the first look at its operations as a public company.
The EV startup will be “a few hundred vehicles short” of its goal to produce 1,200 units by the end of the year, according to a statement Thursday. Rivian said it had a net loss of $1.23 billion in the third quarter, or an adjusted net loss of $776 million.
The quarterly report came as Rivian said it will build its second EV assembly plant in Georgia.
Boosting output of the marquee pickup has been “harder than expected,” CEO R.J. Scaringe said on a conference call with analysts. There are no long-term, systemic issues in its supply chain, he added.
The report underscores the challenges in ramping up production after the would-be rival to Tesla Inc. raised $12 billion in an initial public offering last month, the biggest listing of the year. The Irvine, Calif.-based company, which also announced plans to open a new factory in Georgia, is backed by a stellar list of strategic and institutional investors, including Ford Motor Co., Amazon.com Inc., and Wall Street stalwarts like T. Rowe Price and BlackRock.
Shares of Rivian on Friday slipped 10.3 percent to close at $97.70. Through Thursday, the stock was up 40 percent from its IPO, giving it a market value of almost $100 billion, greater than General Motors and Ford.