Rivian, an electric vehicle start-up that aims to compete with Tesla, on Wednesday reported another substantial quarterly loss as it worked to increase production.
The company said it lost $1.7 billion in the three months that ended in September, compared with a loss of $1.2 billion in the same period a year earlier. Rivian has lost $5 billion in the first nine months of the year.
Rivian, which began producing vehicles in October 2021, reported revenue of $536 million in the third quarter and produced 7,363 vehicles. That compares with revenue of $364 million and 4,400 vehicles in the second quarter.
The company used $1.7 billion in cash in the third quarter and ended the quarter with $13.8 billion in cash, giving it enough money, Rivian said, to fund its operations through 2025.
In a statement, the company said it had recently added a second shift to its plant in Normal, Ill., and confirmed that it would meet its target of producing about 25,000 vehicles this year. Rivian said it had reservations for 114,000 vehicles as of Nov. 7, up from 90,000 in early May.
Shares of the company stock were up about 7 percent in extended trading on Wednesday. The stock has tumbled from a high of more than $170 shortly after its initial public offering in November 2021 to around $30 a share.
Rivian makes an electric pickup trucks and sport-utility vehicles, and is making electric delivery vans for Amazon, one of its biggest shareholders.