Shares of Rivian jumped after the US electric vehicle maker stuck to production and financial targets for the year, in contrast with gloomier forecasts from rival start-ups.
The California-based company on Tuesday reaffirmed plans to make 50,000 of its battery-powered trucks, SUVs and delivery vans this year and expectations of an adjusted loss before interest, taxes, depreciation and amortisation of $4.3bn. The stock rose 5 per cent in after-hours trading.
Rivian’s guidance came after a host of other EV start-ups have cut their production forecasts or warned about cash burn and the possibility of bankruptcy.
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