Production of electrical Rivian R1T pickup vans on April 11, 2022 on the firm’s plant in Normal, Ill.
Michael Wayland / CNBC
Electric car maker Rivian Automotive on Wednesday maintained its 2022 manufacturing goal, saying it is nonetheless on observe to construct 25,000 automobiles this yr, because it reported a bounce in reservations and a first-quarter loss that was barely narrower than Wall Street had anticipated.
Here are the important thing numbers from Rivian’s first-quarter earnings report:
- Loss per share: $1.43, narrower than Wall Street’s $1.44 consensus estimate per Refinitiv.
- Revenue: $95 million, versus $130.5 million per Refinitiv consensus estimates.
- Net loss: $1.59 billion.
- Vehicle reservations: Over 90,000.
Rivian mentioned it now has over 90,000 reservations for its R1-series truck and SUV, up from 83,000 as of its final replace in March. That whole consists of about 10,000 new reservations made because it raised costs firstly of March, it mentioned, at a mean buy worth of over $93,000.
But it might be some time earlier than Rivian fills these most up-to-date orders. The firm mentioned it has misplaced “approximately a quarter” of its deliberate manufacturing for the reason that finish of March as a consequence of tight provides of some crucial parts, together with semiconductor chips. Rivian’s Illinois manufacturing facility may have a capability of as much as 150,000 automobiles per yr as soon as its manufacturing line is operating at full velocity.
Through May 9, Rivian had produced a complete of about 5,000 automobiles since beginning manufacturing final fall, the corporate mentioned, together with R1T pickups, R1S SUVs and an electrical supply van for Amazon known as the EDV 700. A second, smaller van for Amazon, known as EDV 500, is at present in closing testing, CEO RJ Scaringe mentioned.
Rivian’s 2022 manufacturing targets replicate provide chain constraints and inner manufacturing points. The 25,000 goal is half the full-year quantity that Rivian specified by its roadshow presentation to buyers forward of its IPO final November.
Rivian’s manufacturing efforts will quickly get a brand new chief. Frank Klein, the present chief of auto provider Magna International’s contract-manufacturing unit, will be part of the corporate as chief working officer on June 1. Klein is anticipated to give attention to resolving these provide chain points and scaling up Rivian’s manufacturing.
The firm had $17 billion in money remaining as of March 31, in accordance with its first-quarter launch. It mentioned that shall be sufficient to cowl its spending by means of the launch of its subsequent mannequin, a lower-cost car known as R2, at a deliberate new manufacturing facility in Georgia in 2025.
Shares of the corporate rose roughly 3% in after hours buying and selling Wednesday, after shedding almost 10% in the course of the common buying and selling session.
Through Wednesday’s shut, Rivian’s shares had misplaced about 28% of their worth since a post-IPO lockup interval for insiders and early buyers expired on Sunday. Ford Motor bought 8 million of its roughly 102 million Rivian shares on Monday at a mean worth of $26.80 per share. The inventory debuted on the general public markets at $106.75 per share six months in the past.
This is breaking information. Please test again for updates.