People look at Rivian electric trucks at the auto maker’s newly opened storefront in the Meatpacking District of Manhattan on June 23, 2023 in New York City.
Spencer Platt | Getty Images
Rivian reported a sharp decline in first-quarter deliveries on Wednesday, as the electric-vehicle maker grapples with soft demand, sending its shares down more than 2.5% in premarket trading.
The company delivered 8,640 vehicles in the quarter ended March 31, compared with 13,588 a year ago. But it exceeded analysts’ average estimate of 8,200 deliveries, according to Visible Alpha.
Chief Financial Officer Claire McDonough had said during the company’s last earnings call that vehicle deliveries would be lower this year due to soft demand, partially due to the impact of fires in Los Angeles.
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