EV Maker Rivian Lost $1.6 Billion in Q1

IRVINE, Calif. (AP) -- Rivian Automotive, Inc. (RIVN) on Wednesday reported a loss of $1.59 billion in its first quarter.

The Irvine, California-based company said it had a loss of $1.77 per share. Losses, adjusted for non-recurring costs, came to $1.43 per share.

The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of $1.50 per share.

The a manufacturer of motor vehicles and passenger cars posted revenue of $95 million in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $113.6 million.