Electric vehicle maker Rivian reported third-quarter revenue that missed Wall Street expectations, with a net loss of $1.72 billion.
The Irvine, Calif.-based company, though, stuck by its 2022 production target of 25,000 vehicles.
The startup also said demand for its R1-series trucks and SUVs is still strong, with preorders for the R1 series numbering more than 114,000. But to save costs, it’s delaying the introduction of the smaller R2 product platform by a year, for a 2026 launch.
Rivian widened its net loss from $1.23 billion a year earlier. Its third-quarter revenue came in at $536 million, lower than the expected $551.6 million.
The company stood by its earlier expectation of a full-year adjusted loss before income, taxes, depreciation and amortization of $5.4 billion.
