American electric-car maker Rivian posted wider losses in the first three months of the year amid supply chain constraints during the period.
RIVN is up 22.43%, while SCHV is up 0.05%.
The company’s first-quarter net loss stood at $1.593 billion, wider than the $414-million net loss in the same quarter last year. The total diluted net loss per share increased to $1.593 billion from $414 million.
Gross profit for the quarter was recorded at $502 million, while total operating expenses climbed to $1.077 billion from the $410 million recorded in the same quarter of the previous year.
Reservations for its R1T and R1S electric vehicles climbed to 90,000, higher than the 83,000 it recorded in March. It has also produced some 5,000 vehicles covering the electric truck, the SUV, and delivery vans, for Amazon.
Rivian said it decided to vertically integrate into several key areas, covering its electronics, software stack, propulsion, and battery systems. Chief Executive RJ Scaringe also believes supply chain disruptions are nearing their end.
First-quarter deliveries stood at 1,227 units to bring the total to 2,148.