(Reuters) – Electric vehicle maker Rivian Automotive expects demand for its pickups and SUVs to remain stable through the year, Chief Financial Officer Claire McDonough said, even as higher borrowing costs and fears of recession have dented demand across the industry.
Rivian is also ramping up production of its in-house drive unit ahead of plan, McDonough said on Thursday at the Deutsche Bank auto conference. The company has been developing its own drive unit to lower costs and reduce dependency on suppliers.
Rivian shares were up 4% at $15.32 late Thursday afternoon.
(Reporting by Akash Sriram in Bengaluru and Abhirup Roy in San Francisco; editing by Jonathan Oatis)
This story may be updated.
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