Rivian Automotive Inc. built 9,395 electric vehicles in the first three months of the year as the company aims to ramp up production.
The output was above the average 8,752 estimated by analysts. Rivian — which makes two consumer EVs and a delivery van for Amazon.com Inc., one of its biggest investors — delivered 7,946 to customers in the first quarter, the automaker said Monday in a statement.
The Irvine, Calif.-based company was seen as a leading challenger to EV market leader Tesla Inc. after a blockbuster 2021 listing. However, its first year of production was marked by multiple setbacks, including missed targets due to a supply-chain crunch and a sharp drop in its shares.
The first-quarter production was a modest slowdown from the 10,020 units pumped out in the prior quarter.
Rivian in late February said it expected to build 50,000 EVs this year, a figure the company reiterated Monday. Management has told employees internally that a total of 62,000 was possible for 2023, Bloomberg reported.
Shares in Rivian fell 4.2 percent in morning trading on Wall Street.