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- Rivian Automotive on Tuesday reported first-quarter revenue that beat Wall Street expectations and reiterated its production forecast of 57,000 units this year, due to sustained demand for its electric vehicles.
The company expects to make 57,000 units this year, while analysts expect Rivian to make 62,277 vehicles in 2024, according to nine analysts polled by Visible Alpha. The Amazon.com-backed company has been cutting costs by re-negotiating contracts with suppliers and building some parts in-house including its drive unit, dubbed Enduro, to reduce dependency on vendors.
Revenue for the January-to-March quarter stood at $1.2 billion, compared with analysts' average estimate of $1.16 billion, according to LSEG data.
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