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00:02Rivian reported a first quarter loss of $0.33 per share on $1.381 billion in revenue,
00:08beating street estimates of a $0.71 loss and $1.363 billion in revenue, according to Benzinga Pro.
00:15Revenue rose 11% year over year. Automotive revenue was $908 million, down 2% due to lower
00:22regulatory credit sales and lower revenue per unit. Software and services revenue was $473 million,
00:28up 49%. Rivian produced 10,236 vehicles and delivered 10,365. The company ended the quarter
00:38with $4.83 billion in cash, cash equivalents, and short-term investments. Rivian began R2
00:46production in Illinois and delivered initial units to employees. It expects customer deliveries in
00:51the coming weeks. The company increased Georgia plant capacity by 50% to 300,000 units and
00:58expects Department of Energy loan access by early 2027. For all things money, visit benzinga.com.
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