Photo: Rivian
Founder and CEO RJ Scaringe remains optimistic in the wake of reporting the company's considerable net loss pointing to continued strong demand for its R1T pickup and R1S SUV.
During Wednesday's earnings call, the company stated it is sitting on 1114,000 preorders for the two models made on its R1 platform in addition to the backlog for filling the 100,000 vehicle Amazon order for its EDV delivery van. In an effort to fill those orders, a second shift has been added at Rivian's lone manufacturing plant in Normal, Illinois.
Production continues to be hampered by supply chain issues, and the company indicated that an unidentified singular key component was especially problematic.
The company has also pushed back the launch of vehicles made on its smaller R2 platform by a year to 2026, seemingly in the wake of the supply chain issues. The R2 platform vehicles will be smaller, less expensive, and thought to include a pickup and one or more SUV-style vehicles. The R2 platform vehicles will be manufactured at the company's new $5 billion Georgia plant.
The $1.72 billion loss is significantly higher than the $1.23 billion loss the company reported for the same period last year. Revenue for the period ending September 30 was $536 million based on 7,363 vehicles being delivered, missing analysts' expectations of $551.6 million.
Last year the company had a goal to manufacture 50,000 vehicles this year but has trimmed that by half due to ongoing supply chain issues.
The company is still flush with cash from its IPO back in November of 2021, with $13.8 billion in cash, down just $1.1 billion from Q2.
"We remain confident in our ability to fund operations with cash on hand through 2025," Rivian said in an SEC filing late on Wednesday, Reuters reported.
While Rivian's main competitor, Tesla's stock dipped 7% in the wake of Elon Musk unloading nearly $4 billion in Tesla shares earlier this week, Rivian stock rebounded from volatile trading that saw it plummet 12% in the regular session to rally back 7% in aftermarket trading.
Production continues to be hampered by supply chain issues, and the company indicated that an unidentified singular key component was especially problematic.
The company has also pushed back the launch of vehicles made on its smaller R2 platform by a year to 2026, seemingly in the wake of the supply chain issues. The R2 platform vehicles will be smaller, less expensive, and thought to include a pickup and one or more SUV-style vehicles. The R2 platform vehicles will be manufactured at the company's new $5 billion Georgia plant.
The $1.72 billion loss is significantly higher than the $1.23 billion loss the company reported for the same period last year. Revenue for the period ending September 30 was $536 million based on 7,363 vehicles being delivered, missing analysts' expectations of $551.6 million.
Last year the company had a goal to manufacture 50,000 vehicles this year but has trimmed that by half due to ongoing supply chain issues.
The company is still flush with cash from its IPO back in November of 2021, with $13.8 billion in cash, down just $1.1 billion from Q2.
"We remain confident in our ability to fund operations with cash on hand through 2025," Rivian said in an SEC filing late on Wednesday, Reuters reported.
While Rivian's main competitor, Tesla's stock dipped 7% in the wake of Elon Musk unloading nearly $4 billion in Tesla shares earlier this week, Rivian stock rebounded from volatile trading that saw it plummet 12% in the regular session to rally back 7% in aftermarket trading.
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