Rivian Automotive Inc. reduced its losses in the first quarter as the electric-vehicle maker sold more higher-priced vehicles and generated more revenue than expected.
The company on Tuesday reported a net loss of $1.35 billion for the first three months of the year, compared with a loss of $1.59 billion a year earlier.
Revenue for the quarter ended March 31 stood at $661 million, compared with Wall Street estimates of $652.1 million, according to Refinitiv data.
Shares in Rivian rose 5.2 percent to $14.58 in after-hours trading.
Rivian expects production ramp up of its in-house Enduro powertrains to help offset parts supply issues in the second half of the year, enabling it to meet its smaller-than-estimated target of manufacturing 50,000 units.
