Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales

Rivian tumbled nearly 10% in premarket trading after it saw production constraints hindering sales.It lost $1.2 billion, or $12.21 a share, in the third quarter, compared with a loss of $288 million, or $2.88 a share, in the year-ago quarter, on higher operating losses, the company said.

Rivian said it lost an adjusted $766 million in the quarter. Its letter to shareholders did not specify a per-share amount. Sales hit $1 million as it delivered its first few vehicles in September.

Analysts polled by FactSet expected the company to report a GAAP loss of $12.04 a share on sales of $900,000.

The company said it had more than 71,000 preorders for its electric pickup truck, the R1, as of Dec. 15, from about 48,000 preorders in late September.

Rivian will be "a couple 100 vehicles short" of its goal of producing 1,200 vehicles this year. "The good news is that we do not believe any of our supply-chain challenges are long term," Scaringe said. "They are solvable problems."