After US stock trading on Wednesday, US Eastern time$Rivian Automotive (RIVN.US) $Announced the results for the first quarter of 2022. Among them, although current supply chain problems have hampered production growth, Rivian said it accelerated production and sales in the first quarter, which puts it on track to meet its production target of 25000 electric vehicles this year.

Rivian shares rose more than 12 per cent in after-hours trading after the results were announced, then fell back. As of press time, the shares were up more than 6 per cent in after-hours trading.

The company has produced about 5000 cars and delivered 1227 to customers this quarter, although the supply chain still faces challenges, according to the results. In addition to consumer-oriented models, Rivian also received an order for 100000 electric delivery trucks from Amazon.Com Inc, the second-largest shareholder. The first batch of 10,000 vehicles will be delivered by the end of this year and has been included in its annual guidelines.

Q1 had revenue of $95 million, below market expectations of $131.2 million, a net loss of $1.593 billion, compared with $414 million a year earlier, and an adjusted loss of $1.43 per share, slightly better than market expectations of $1.45.

"the supply chain is still a bottleneck in our production and we have been forced to stop production for longer than expected," Rivian said in a letter to shareholders. Due to supplier restrictions, we lost about 1/4 of our planned production time. "

However, RJ Scaringe, the company's chief executive, said on a conference call that while the shortage of chips was still a problem, the worst of the shortage was over. Scaringe said Rivian does not expect any problems with battery supply over the next five years. But as global production and competition for electric vehicles grow, the company is trying to reach a long-term agreement on the supply of metal batteries.

In addition, Rivian said its cash and cash equivalents (excluding additional credit lines) were $17.4 billion in the first quarter, down from $18.4 billion at the end of 2021. The company says it has enough money to start producing the next generation of mid-priced cars, which will be assembled at a new plant in Georgia.

Although production at Rivian's only operating plant in Norman, Illinois is limited, the company is already working to expand its production scale to increase capacity. Earlier this month, the company received a $1.5 billion state and local government award to build a second $5 billion plant in Georgia, which it hopes to open in 2024.

Looking ahead, the company reiterated its production guidance for 25000 vehicles in 2022, forecasting an adjusted EBITDA loss of $4.75 billion and capital expenditure of $2.6 billion.

On the share price side, Ford sold 8 million Rivian shares at $26.8 a share on May 9, totaling $214 million, making Rivian shares volatile this week, closing down 9.6% to $20.60 on Wednesday, down about 80 per cent so far this year.