Rivian Keeps 2022 Production Guidance Intact. The Stock Is Still Falling.

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Electric-truck maker

Rivian Automotive

reported a wider-than-expected quarterly loss, but more important, maintained its production estimates for the full year. The stock is wobbling while investors digest the news.

Rivian (ticker: RIVN) reported a per-share loss of about $1.89 from $364 million in sales for the second quarter. Wall Street was looking for a loss of about $1.61 a share from about $336 million in sales.

The company burned through roughly $1.6 billion in cash. Analysts projected the company would burn through about $1.8 billion in cash.

The numbers, frankly, look OK. Still, Rivian stock fell about 4% in after-hours trading Thursday, after the stock had risen more than 4% in the regular session. The S&P 500 and Dow Jones Industrial Average both finished the day little changed.

The electric-truck start-up produced 4,401 vehicles in the second quarter, up from 2,553 produced in the first quarter.

Deliveries in the first half of 2022 totaled about 5,700 vehicles. The company plans to deliver about 25,000 vehicles for the full year. That leaves roughly 19,300 to be shipped out to customers in the final six months of the year.

Achieving that goal will require overcoming supply-chain challenges, such as a lack of semiconductors, that have plagued the entire auto industry. Rivian will have to advance down its own manufacturing learning curve as well.

After the earnings release, management hosts a conference call at 5 p.m. ET to discuss results.

Through Thursday trading, shares have fallen about 62% this year, while the S&P 500 and Dow have declined about 12% and 8%, respectively.

Write to Al Root at [email protected]