Rivian Automotive Inc shares fell 10% in premarket trading on Friday, after the electric pick-up truck maker's first result as a listed company highlighted the challenges it is likely to face in ramping up production to take on EV leader Tesla Inc .
Rivian also announced plans to build a $5 billion plant to ramp up capacity, while flagging production challenges even as it receives about 2,000 pre-orders every week.
Increasing production of R1T truck, R1S SUV and Amazon's delivery vans within a few months would be akin to "a really complex orchestra," Chief Executive Officer RJ Scaringe said. "The strong order book provides support for the production ramp, though does add pressure to get vehicles to customers that may get impatient as current R1 orders won't be ready until the end of 2023," Wells Fargo analyst Colin Langan said.
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