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First-quarter earnings reports for many companies are out for the year 2022 and everybody is playing the blame game on Rivian.
Both Amazon and Ford reported quarterly earnings losses this week, citing their investments in Rivian Automotive.
Amazon on Thursday reported a rare quarterly loss of $3.84 billion, owing entirely to a $7.6 billion loss in value of its stock investment in Rivian Automotive. Same with Ford, which said it lost $5.5 billion on its Rivian holdings in the quarter, causing it to report an overall loss of $3.1 billion.
Rivian share price hit a peak of $172.01 on Nov. 16 after its IPO, however, At the end of the year, that was down to $103.69.
But by March of this year, Rivian said supply chain issues had dramatically cut its production, and it would be able to make only 25,000 vehicles this year. It said it had made only 1,410 to that point in 2022, against 83,000 orders, not counting Amazon.
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