From Volter Media.
Rivian just released its earnings report for the first quarter of 2022. The automaker reported huge losses to the tune of Billions. However, things are looking up for Rivian. I today’s video, we will take a close look at Rivians earnings report and the following earnings call
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Rivian automotive released its earnings report a few days ago. The automaker reported revenue of $95 million from the deliveries of its R1 vehicles. However, Rivian reported a net loss of $1.59 billion in the first quarter of 20 22. The company is bleeding cash so heavily because they are producing at low volume on a high-volume line. Rivian’s factory has been built with a 150,000 run rate in mind, so building fewer units than that will result in higher spending per unit. Rivian expects this to continue in the short term, but to improve as production ramps up. On that note, Rivian said it produced approximately 5,000 vehicles including its electric truck, SUV, and delivery van for Amazon and delivered 1,227 vehicles to customers during the past three months, bringing its total number of deliveries to 2,148. RJ Scaringe stated that Rivian has been able to triple its production capacity from the start of the year to the end of the third quarter to the ramp-up is going as expected or better. He highlighted that production has only tripped because of supply constraints
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