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Rivian (RIVN) Q1 2022 earnings


The company’s Normal plant began production of the electric Rivian R1T pick-up trucks in April 2022.

Michael Wayland/CNBC

Maker of electric vehicles Rivian AutomotiveOn Wednesday, the company maintained its production target for 2022, stating that it still has the capacity to produce 25,000 vehicles in this year’s fiscal year. It also reported an increase in reservations, and a smaller-than-expected first quarter loss.

Below are key numbers from Rivian’s first-quarter earnings report:

  • Loss Per Head:$1.43, which is less than Wall Street’s consensus estimate at $1.44 perRefinitiv.
  • Revenue: $95 million, versus $130.5 million per Refinitiv consensus estimates.
  • Net loss: $1.59 billion.
  • Reservations for vehicles: More than 90,000.

Rivian stated that it has more than 90,000 reserved orders for the R1-series SUV and truck, up from 83,000 at its March update. This includes approximately 10,000 reservations that have been made in the past year. raised prices at the beginning of MarchIt said that at An average purchase price is over $93,000

Rivian might take a while to fill the orders. According to the company, it had lost approximately 25% of its production plans since March’s end due to shortages of critical components such as semiconductor chips. Rivian’s Illinois facility will produce as many as 150,000 vehicles annually once it is fully operational.

Rivian has produced about 5,000 vehicles in total since last fall’s production, according to the company. These include R1T pickups and electric delivery vans. Amazonknown as the EDV 700. RJ Scaringe CEO said that Amazon’s second van is in final testing. It was called the EDV 500.

Rivian’s 2022 production goalsthe impact of supply chain challenges and issues in manufacturing. Rivian presented half of the full-year target at 25,000 to investors in a roadshow presentation. This was just before its IPO last December.

Rivian’s manufacturing operations will soon be led by a new leader. Frank Klein is the leader in auto suppliers. Magna International’s contract-manufacturing unit, will join the company as chief operating officer on June 1. Klein will be focusing on solving supply chain problems and increasing Rivian’s output.

The first quarter report stated that the company still had $17 million in cash at March 31. According to the company’s first-quarter release, $17 billion in cash was left. This will allow it to finance its expenses through its launch of R2, a cheaper vehicle. It also plans to build a new Georgia factory by 2025.

The company’s shares rose by about 3% Wednesday after-hours trading, following a drop of nearly 10% during regular trading.

Rivian shares lost 28% by Wednesday night, after their Sunday lockup period that was available to early investors and insiders expired. Ford MotorOn Monday, 8 million shares of the roughly 102,000,000 Rivian shares were sold at an average of $26.80 each share. Stock debuted on the public marketsSix months ago, the price per share was $106.75

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