(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.
Supply chain disruptions have pressured Rivian, forcing the company earlier this year to cut production forecast by half to 25,000 units, 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.
Revenue was $536 million in the quarter ended September 30, compared with analysts’ expectations of $551.6 million, according to Refinitiv data.
The company reported quarterly net loss of $1.72 billion, compared with $1.23 billion a year earlier.
(Reporting by Akash Sriram in Bengaluru; Editing by Krishna Chandra Eluri)
