CNN Business
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Rivian mentioned Thursday that it misplaced $1.7 billion in the second one quarter of 2022 as it really works to ramp up its automobile manufacturing amid the on-going
Rivian CEO RJ Scaringe mentioned on a decision with traders that all through “so much” of the second one quarter they weren’t in a position to completely make the most of their manufacturing line.
“We weren’t even in a position to run a complete unmarried shift on account of part provide,” Scaringe mentioned.
Rivian expects provide chain shortages to proceed to restrict its enlargement, nevertheless it’s assured sufficient in an progressed outlook that it mentioned it expects so as to add a 2d shift at its
Rivian, which has heavy backing from Amazon
(AMZN)
The hefty losses are in keeping with Rivian’s expectancies for the yr. It mentioned the losses stemmed from its funding in other people, era and automobile methods.
Rivian produced 4,401 automobiles in the second one quarter and delivered 4,467 automobiles, and its manufacturing higher 72% from the primary quarter of the yr, when it produced 2,553 automobiles. The automaker plans to provide 25,000 gadgets this yr. Rivian’s inventory fell 2% in after-hours buying and selling.
The automaker nonetheless has greater than $15 billion in money to finance its operations, which it says will likely be sufficient to finance its upcoming Georgia production plant and a brand new automobile platform, dubbed R2.
The corporate additionally mentioned that its supply automobiles have carried greater than 430,000 programs for Amazon since early 2021.
Rivian’s leader monetary officer, Claire McDonough, mentioned that the automaker will introduce a
Source Link: https://www.cnn.com/2022/08/11/business/rivian-q2-2022-earnings/index.html