(Reuters) -Rivian Automotive Inc reported quarterly revenue below Wall Street estimates on Wednesday, as supply-chain snarls continue to limit the company’s ability to produce electric vehicles that are in high demand.
The company also said its smaller R2 vehicle family will begin production in 2026, a year later than previously announced, at Rivian’s planned $5 billion Georgia plant.
The automaker ended the third quarter with $13.8 billion in cash, down from $15.9 billion at the end of the second quarter.
“We remain confident in our ability to fund operations with cash on hand through 2025,” Rivian said in an SEC filing late on Wednesday.
Shares were volatile in after-market trading, rising as much as 3% after falling nearly 12% in the regular session.
Supply-chain disruptions have pressured Rivian, forcing the company earlier this year to cut its production forecast by half to 25,000 vehicles, which it reaffirmed on Wednesday.
High price levels for raw materials such as lithium, nickel and copper, exacerbated by the Russian invasion of Ukraine, have been squeezing margins of automakers, affecting the bottom line.
In the third quarter ended Sept. 30, the electric-vehicle maker delivered 7,363 vehicles, up from 4,467 units in the prior quarter.
Quarterly revenue was $536 million, compared with analysts’ expectations of $551.6 million, according to Refinitiv data.
The company reported a quarterly net loss of $1.72 billion, compared with a loss of $1.23 billion a year earlier.
(Reporting by Akash Sriram in Bengaluru and Paul Lienert in DetroitEditing by Krishna Chandra Eluri and Matthew Lewis)
