Transportation
Rivian Slumps After EV Maker’s Disappointing Quarterly Loss
- First-quarter sales were in line with analysts’ estimates
- Automaker plans to build lower-cost model at Illinois plant
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Rivian Automotive Inc. fell short of Wall Street’s earnings expectations to start the year as the automaker pursues a costly effort to revamp its manufacturing operations and boost output of electric vehicles.
The company burned through cash and posted an adjusted loss of $1.24 a share for the first quarter, according to a statement Tuesday. That was worse than the average $1.15 deficit in analyst estimates compiled by Bloomberg.