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Rivian (RIVN) Q1 2022 earnings

Manufacturing of electrical Rivian R1T pickup vans on April 11, 2022 on the firm’s plant in Regular, In poor health.

Michael Wayland / CNBC

Electrical automobile maker Rivian Automotive on Wednesday maintained its 2022 manufacturing goal, saying it nonetheless expects to construct simply 25,000 automobiles this yr, because it reported a first-quarter loss that was barely narrower than Wall Road had anticipated.

Listed below are the important thing numbers from Rivian’s first-quarter earnings report:

  • Loss per share: $1.43, narrower than Wall Road’s $1.44 consensus estimate per Refinitiv.
  • Income: $95 million, versus $130.5 million per Refinitiv consensus estimates.
  • Internet loss: $1.59 billion.
  • Automobile reservations: Over 90,000.

Rivian mentioned it now has over 90,000 reservations for its R1T and R1S electrical automobiles, up from 83,000 as of its final replace in March. That complete contains about 10,000 new reservations made since a March worth enhance on the automobiles, Rivian mentioned.

The corporate continues to be working by way of manufacturing snags. It mentioned that it has misplaced “roughly 1 / 4” of its deliberate manufacturing for the reason that finish of March as a consequence of tight provides of some essential parts, together with semiconductor chips.

By means of Could 9, Rivian had produced a complete of about 5,000 automobiles since beginning manufacturing final fall, the corporate mentioned, together with R1T pickups, R1S SUVs and an electrical supply van for Amazon known as the EDV.

Rivian’s 2022 production goals mirror provide chain constraints and inside manufacturing points. The 25,000 goal is half the full-year quantity that Rivian specified by its roadshow presentation to traders forward of its IPO final November.

Rivian’s manufacturing efforts will quickly get a brand new chief. Frank Klein, the present chief of auto provider Magna International’s contract-manufacturing unit, will be part of the corporate as chief working officer on June 1. Klein is predicted to give attention to resolving these provide chain points and scaling up Rivian’s manufacturing.

The corporate had $17 billion in money remaining as of March 31, in accordance with its first-quarter launch, sufficient to cowl its spending by way of the launch of its subsequent mannequin at a deliberate new manufacturing unit in Georgia in 2025, it mentioned.

Shares of the corporate rose roughly 6% in after hours buying and selling Wednesday.

By means of Wednesday’s shut, Rivian’s shares had misplaced about 28% of their worth since a post-IPO lockup interval for insiders and early traders expired on Sunday. Early investor Ford Motor bought 8 million of its roughly 102 million Rivian shares on Monday at a mean worth of $26.80. The inventory debuted on the public markets at $106.75 per share six months in the past.

Two different U.S. primarily based electric-vehicle startups, Fisker and Lucid Group, each reported strong demand for their vehicles throughout their very own earnings shows final week.

That is breaking information. Please verify again for updates.

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