Rivian is sticking to its goal of delivering 25,000 electric vehicles by the end of the year, but now expects to burn an additional $700 million to reach that goal.
The automaker included the revised guidance in its second-quarter earnings report, telling investors it expects to lose a whopping $5.45 billion in 2022, up from the $4.75 billion estimate, which he had published three months earlier. Rivian blamed several factors for the increase, including “supply chain challenges” and “commodity inflation.”
In the second quarter, Rivian lost $1.71 billion and delivered 4,467 vehicles. Those deliveries include the automaker’s SUV and truck, as well as the vans it builds for Amazon. (In total, Rivian delivered 5,694 vehicles in the first half of the year.)
Still, Rivian beat analysts’ revenue expectations, bringing in $364 million in the second quarter (or about $26 million more than analysts were expecting, according to Yahoo Finance). Demand for the EV company’s SUVs and trucks also continued to grow; The pre-order stock reached 98,000 at the end of June, Rivian told investors.
The company also announced the addition of former Bosch and Daimler executive Harald Kroeger to its board of directors.
Over the past few months, Rivian has pulled a comfortable distance off its 52-week low of $19.25 per share. That dip came in May when Ford sold millions of Rivian shares. Today, the fledgling EV maker ended regular trading at $38.95 a share, up 4%.
Last month, Rivian began laying off about 6% of its workforce as part of a restructuring plan triggered by a changing and challenging economic environment, with inflation hitting record highs, interest rates rising and commodity prices continuing their upward trend.
The manufacturing operations team working at its Normal, Illinois facility was unaffected by layoffs.
https://techcrunch.com/2022/08/11/rivian-q2-earnings-2022-rivn-losses-revenue-beat/ Rivian delivers on Q2 revenue, expects loss to widen another $700M – TechCrunch