Production of electrical Rivian R1T pickup trucks on April 11, 2022 at the corporate’s plant in Normal, Ailing.
Michael Wayland / CNBC
Electric vehicle maker Rivian Automotive on Wednesday maintained its 2022 production goal, saying it’s still heading in the right direction to construct 25,000 vehicles this 12 months, because it reported a jump in reservations and a first-quarter loss that was barely narrower than Wall Street had expected.
Listed 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 said it now has over 90,000 reservations for its R1-series truck and SUV, up from 83,000 as of its last update in March. That total includes about 10,000 recent reservations made because it raised prices originally of March, it said, at a median purchase price of over $93,000.
But it surely could also be some time before Rivian fills those most up-to-date orders. The corporate said it has lost “roughly 1 / 4” of its planned production for the reason that end of March as a result of tight supplies of some critical components, including semiconductor chips.
Through May 9, Rivian had produced a complete of about 5,000 vehicles since starting production last fall, including R1T pickups, R1S SUVs and an electrical delivery van for Amazon called the EDV 700. A second, smaller van for Amazon, called EDV 500, is currently in final testing, CEO RJ Scaringe said.
Rivian’s Illinois factory could have a capability of as much as 150,000 vehicles per 12 months once its production line is running at full speed.
The automaker’s 2022 production goals reflect supply chain constraints and internal manufacturing issues. The 25,000 goal is half the full-year number that Rivian specified by its roadshow presentation to investors ahead of its IPO last November.
Rivian’s manufacturing efforts will soon get a recent leader. Frank Klein, the present leader of auto supplier Magna International’s contract-manufacturing unit, will join the corporate as chief operating officer on June 1. Klein is predicted to give attention to resolving those supply chain issues and scaling up Rivian’s production.
The corporate had $17 billion in money remaining as of March 31, based on its first-quarter release. It said that will likely be enough to cover its spending through the launch of its next model, a lower-cost vehicle called R2, at a planned recent factory in Georgia in 2025.
Shares of the corporate rose roughly 8% in after hours trading Wednesday, after shedding nearly 10% in the course of the regular trading session.
Through Wednesday’s close, Rivian’s shares had lost about 28% of their value since a post-IPO lockup period for insiders and early investors expired on Sunday. Ford Motor sold 8 million of its roughly 102 million Rivian shares on Monday at a median price of $26.80 per share. The stock debuted on the general public markets at $106.75 per share six months ago.
