Rivian Automotive Inc. reported first-quarter revenue grew 11% to $1.4 billion, driven by a 20% increase in vehicle deliveries and a 49% jump in its software and services segment during the quarter.
The first R2 electric vehicles were delivered to employees in the first quarter while production on consumer EVs started last week.
Rivian also announced plans to increase the production capacity of its future manufacturing facility in Georgia by 50% to 300,000 vehicles annually, “which is expected to significantly boost cost efficiency.”
The expansion is backed by the automaker’s loan from the Department of Energy, which has been altered from $6.6 billion to $4.5 billion.
Shares fell 3.1% to $15.90 apiece in after-hours trading following the report (Nasdaq: RIVN).