Production forecasts were upgraded by Rivian Automotive yesterday as the electric vehicle start-up sought to reassure Wall Street that it had enough cash to keep going until 2025.
The company, which is backed by Amazon, now expects to make 52,000 vehicles this year, up from a previous estimate of 50,000. It delivered 12,640 during the latest quarter, beating analysts’ forecasts of about 11,000 and 59 per cent ahead of the previous quarter.
However, its efforts to convince stock market sceptics fell on deaf ears and its shares tumbled by $2.45, or 9.9 per cent, to $22.35 at the close in New York.
Revenue at the business more than trebled during the three months to the end of June, hitting $1.12 billion, up from $364 million
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