Rivian Automotive Inc shares fell 10% in premarket trading on Friday, after the electric pick-up truck maker's first result as a listed company highlighted the challenges it is likely to face in ramping up production to take on EV leader Tesla Inc .
Rivian also announced plans to build a $5 billion plant to ramp up capacity, while flagging production challenges even as it receives about 2,000 pre-orders every week.
Increasing production of R1T truck, R1S SUV and Amazon's delivery vans within a few months would be akin to "a really complex orchestra," Chief Executive Officer RJ Scaringe said. "The strong order book provides support for the production ramp, though does add pressure to get vehicles to customers that may get impatient as current R1 orders won't be ready until the end of 2023," Wells Fargo analyst Colin Langan said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 10 Best Documentaries of 2021From a host of legendary music docs to portraits of a still-in-progress pandemic and a Civil Rights leader’s persecution — the highlights of a banner year in nonfiction filmmaking
Read more »
Zendaya, Kai & Harry Styles Among the 10 Biggest Style Icons of 2021From the Met Gala to the Oscars, press tours to movie premieres, these are the biggest style icons of 2021 😍 ➡️
Read more »
10 Best Moisturizers for Dry Skin, According To A-List FacialistsLa Mer's The Moisturizing Soft Cream is, without a doubt, a cult-favorite in the beauty world. Nurse Jamie suggests it's worth every penny saying, 'incredibly light,' and not just light, 'basically weightless, but really great for dry skin types since it is super replenishing.' And it's a good thing it gets her stamp of approval because, at $335 for a 60ml jar, it's definitely a commitment.
Read more »
Los Ángeles Azules & Nicki Nicole’s ‘Otra Noche’ Hits Top 10 on Tropical Airplay ChartLos Ángeles Azules & Nicki Nicole each score their first top 10 with their first collaboration as it rises 13-8 on the Dec. 18-dated survey.
Read more »
Here’s What The Biggest Celebs Of 2011 Look Like 10 Years LaterIs it just me, or has everyone had a glow-up?
Read more »