(Bloomberg) -- Rivian Automotive Inc. said it expects to fall short of its annual production target and announced plans to open a plant in Georgia as the electric pickup maker gave investors the first look at its operations as a public company.
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The EV startup will be “a few hundred vehicles short” of its goal to produce 1,200 units by the end of the year, according to a statement Thursday. Rivian said it had a net loss of $1.23 billion in the third quarter, or an adjusted net loss of $776 million.
The report underscores the challenges in ramping up production after the would-be rival to Tesla Inc. raised $12 billion in an initial public offering last month, the biggest listing of the year. The Irvine, California-based company is backed by a stellar list of strategic and institutional investors, including Amazon.com Inc, EV pickup rival Ford Motor Co. and Wall Street stalwarts like T. Rowe Price and BlackRock.
Rivian shares fell 4.2% as of 4:27 p.m. in late trading Thursday in New York. Through the close, the stock was up 40% from its IPO on Nov. 9, giving it a market value of almost $100 billion, greater than General Motors Co. and Ford.
The startup said it would start building the EV and battery plant in Georgia next summer to support its growth plans, confirming reports by Bloomberg News and other outlets in recent days. The $5 billion site is projected to employ more than 7,500 people and have manufacturing capacity for 400,000 vehicles annually, with production starting in 2024.
Rivian launched its first model in September, the plug-in R1T pickup, which is being built at a facility in Normal, Illinois. Rivian started deliveries of its R1S SUV this month. It also has an order to produce 100,000 battery-powered delivery vans for Amazon. Rivian has been prioritizing resources and man power for the Amazon Van project over its own consumer models, Bloomberg reported in October.
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