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Electric Vehicles

Rivian Cuts Annual Earnings Forecast on Inflation, Supply Woes

  • EV maker reaffirms goal to produce 25,000 vehicles this year
  • Company cuts forecast for earnings, capital expenditures
Bloomberg business news
WATCH: Rivian trims its full-year earnings forecast.Source: Bloomberg
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Rivian Automotive Inc. posted quarterly sales above Wall Street’s expectations and reaffirmed its delivery forecast, but the electric-vehicle maker trimmed its full-year earnings expectations as it continues to grapple with supply-chain snags, high costs and economic volatility.

Sales in the second quarter rose to $364 million, the Irvine, California-based company said Thursday in a statement. Analysts had predicted $335.7 million on average, according to estimates compiled by Bloomberg. Rivian’s adjusted loss was slightly wider than expected.