Rivian, the electric-vehicle maker that went public last year with big ambitions to take on Tesla and others, said Wednesday that supply-chain problems had hobbled it in the first quarter, but it stood by its production forecast for this year.
The company’s shares have declined over 80 percent this year as investors have grown nervous about its prospects. The price rose 7 percent in after-hours trading on Wednesday as the quarterly results largely met forecasts.
Rivian detailed persistent problems in obtaining semiconductors and other parts. And since the end of March, the company said, the shortages have forced it “to stop production for longer periods than anticipated, resulting in approximately a quarter of the planned production time being lost due to supplier constraints.”
Rivian said it foresaw making 25,000 vehicles this year, a forecast it made in March. Without the supply constraints, the company said in March that it could produce twice that many.