Rivian Q3 earnings: $1.7B net loss on $536M in revenue

Demand remains strong for Rivian Automotive Inc.‘s R1T pickup and R1S SUV, CEO RJ Scaringe said after the automaker posted a $1.7  billion third-quarter net loss and pushed back the launch of a smaller R2 platform to 2026.

“We continue to see strong demand for our product,” Scaringe said on the company’s earnings call Wednesday.

Rivian said it had preorders for 114,000 vehicles on its current R1 platform, up from 98,000 that it reported at the end of the second quarter. Those preorders are separate from an Amazon order for delivery vans.

The EV startup recently started a second shift at its Normal, Ill., factory to meet demand for its vehicles, but continues to struggle with supply-chain issues, executives said.

“The second shift is now up and running,” Scaringe said. “We’re going through the ramp now and it’s going well.”

The expansion of production comes just over a year after Rivian launched the R1T into the market.

Rivian CFO Claire McDonough said the lack of a key vehicle component caused five days of production line downtime in October and November, combined. She did not identify the component.

Scaringe said that Rivian has worked with the supplier of the component, which he also did not identify, to avoid further shortages.

The automaker reiterated its 2022 production target of 25,000 units for its three vehicles — the R1T, R1S and EDV delivery vans. Amazon has ordered 100,000 of the electric vans.

Read More: Rivian Q3 earnings: $1.7B net loss on $536M in revenue

2022-11-09 13:27:46

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