Electric vehicle company Rivian Automotive (NASDAQ:RIVN) reported first-quarter financial results Thursday after market close.

Here are the highlights and a look at the company's latest R2 vehicle update.

Rivian Q1 Financials

Rivian reported first-quarter revenue of $1.381 billion, up 11% year-over-year. The revenue total beat a Street consensus estimate of $1.363 billion, according to data from Benzinga Pro.

Automotive revenue was $908 million in the quarter, down 2% year-over-year. This was due to lower sales of automotive regulatory credits compared to the prior year and lower revenue per unit delivered.

Software and services revenue was $473 million in the quarter, up 49% year-over-year.

The company reported a loss of 33 cents per share, beating a Street consensus estimate of a loss of 71 cents per share.

Rivian previously reported first-quarter production of 10,236 vehicles and deliveries of 10,365 vehicles.

In March, Rivian announced a partnership with Uber Technologies (NYSE:UBER) that calls for Uber to buy 10,000 fully autonomous R2 robotaxis in the future, with the option to buy up to 40,000 more in 2030. As part of the deal, Uber will invest up to $1.25 billion in Rivian through ...