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8/11, 10:16 PM (Source: TeleTrader)
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Rivian keeps full-year unit target despite supply constraints

Rivian Automotive Inc. reported on Thursday its second-quarter earnings results, revealing a better-than-expected revenue of $364 million. The carmaker reaffirmed full-year vehicle production at 25,000 units after producing 4,401 units in the second quarter of 2022.

"Supply chain continues to be the limiting factor of our production," the company stated, adding that it expects to add a second vehicle assembly shift toward the end of the third semester. Net loss expanded nearly three times to $1.71 billion due to increased operating losses.

Rivian's stock declined 1.5% in the after-hours trading following the earnings announcement.

Baha Breaking News (BBN) / ND