Upstart electric vehicle maker Rivian posts $1.23B Q3 loss

Electric vehicle upstart Rivian Automotive posted a $1.23 billion net loss in the third quarter due to expenses from starting production of its pickup truck

DETROIT -- Electric vehicle upstart Rivian Automotive posted a $1.23 billion net loss in the third quarter due to costs from starting production of its pickup truck.

The company said in its first public earnings report since its initial stock offering that it lost $12.21 per share for the quarter. Revenue was $1 million from deliveries of 11 pickups.

The loss came about one month after the company's $13.7 billion initial public stock offering in November.

Rivian said Thursday that net orders of its R1T electric pickup increased to 71,000 as of Wednesday.