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

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The Rivian R1S should start shipping to customers in just a few months.

Courtesy of Rivian

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 an adjusted per-share loss of about $1.62 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. That, however, was a little better than expected. Analysts projected the company would burn through about $1.8 billion in cash.

The numbers, frankly, look OK. Still, Rivian stock fell about 4% just after results were released. Shares, however, had a strong Thursday session closing at $38.95, up more than 4%, while the S&P 500 and Dow Jones Industrial Average both finished the day little changed.

Investors didn’t seem too discouraged by the results. After the dip, shares bounced as high as $39.79 in after hours trading. The stock has settled in at $38.30, off about 1.7% from Thursday’s close.

Investors can expect more volatility in Friday trading. Options markets implied the stock would move about 12%, up or down, after results were released. Shares jumped 18% after the company reported first quarter numbers.

More important than even earnings at this point in the company’s life is delivery guidance. Rivian still 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…


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