Rivian exceeds revenue expectations and maintains production targets despite Q1 loss.

Rivian reported better-than-expected revenue for the first quarter of 2023, thanks to increased sales of its higher-priced electric vehicles. The company also maintained its annual production forecast of 50,000 cars, despite supply chain issues. Rivian's quarterly net loss narrowed to $1.35 billion, and the company's cash and cash equivalents stood at $11.24 billion. While rivals Lucid Group and Fisker Inc have trimmed their production targets, Rivian's expected production ramp-up of its in-house Enduro powertrains is helping it reach its target.