Rivian Earnings: 8 Key Metrics Investors Should See
Shares of Rivian Automotive (NASDAQ: RIVN) gained 5.6% in Tuesday's after-hours trading session, following the premium electric vehicle (EV) maker's release of its first-quarter 2023 results.
The stock's rise is attributable to first-quarter revenue and earnings exceeding Wall Street's estimates, along with management reaffirming its 2023 production guidance of 50,000 vehicles. The latter probably provided the strongest tailwind for the stock because it's critical for early-stage EV companies to quickly ramp up production in order to drive down their fixed cost per vehicle.
As background, Rivian makes two all-electric premium vehicles for consumers: the R1T (pickup truck) and R1S (SUV). It also produces an electric delivery vehicle (EDV) for commercial use. Currently, it only manufactures the latter for Amazon, which owns a sizable stake in Rivian.
Source Fool.com
