The company expects to sell between 46,000 and 51,000 EVs this year, below the roughly 54,800 average of analyst estimates compiled by Bloomberg.

The California-based electric vehicle maker intends to complete its $5 billion plant in Georgia, despite having faced hurdles in doing so.

Rivian projected a surprise drop in electric vehicle deliveries for the year but said it expected to post a modest gross profit, as it slashed raw material and supply chain costs in its drive for efficiency.