By Stephen Nakrosis

 

Shares of Rivian Automotive Inc. were higher in Wednesday's late-trading session, after releasing first-quarter results and backing annual guidance for production of 25,000 units.

At 4:43 p.m. ET, shares were trading 6.8% higher at $22.01. Volume in the after-hours session topped 2.3 million shares.

The stock finished the day's regular session with a 9.61% loss, closing at $20.60.

After the bell, Rivian reported a first-quarter loss per share of $1.77 on revenue of $95 million.

Total production in the first quarter was 2,553 vehicles and 1,227 vehicles were delivered.

Rivian also said "based on the demonstrated production rates and progress we have seen in our facility, we believe if all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022."

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

May 11, 2022 17:22 ET (21:22 GMT)

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