Mixed results in latest reports from Rivian

Electric automaker Rivian, after announcing earlier this year its plans to pause construction of two thousand acre manufacturing site along the Morgan-Walton County line, is reporting more dips in production amid a wave of company cost-cutting measures.

From Reuters…

Rivian Automotive (RIVN.O), opens new tab beat estimates for quarterly deliveries, fueled by strong demand for its electric pickup trucks and SUVs, although its shares fell 5% as Tesla’s (TSLA.O), opens new tab weak numbers fanned concerns about an EV market slowdown.

Amazon.com-backed (AMZN.O), opens new tab Rivian delivered 13,588 vehicles in the first quarter ended March 31, topping expectations by 16 analysts of 12,415 units according to Visible Alpha.

“Even though Rivian exceeded first-quarter estimates, the outlook over the next couple of years may not have enough growth, especially since the company is yet to turn a profit,” said Michael Ashley Schulman, chief investment officer at Running Point Capital.

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