Electric automaker Rivian released results of its first quarter as a public company, posting a net loss, while also confirming a second EV plant was coming in Georgia.
Rivian posted an operational loss of $776 million and a net loss of $1.23 billion, within its previous guidance range. The company saw a loss of $12.21 per share on revenue of roughly $1 million.
The company said it was “a few hundred vehicles short” of its 1,200 production target for 2021, reports CNBC, plagued with supply chain issues and production challenges of ramping up complex batteries needed for its electric trucks.
“Ramping up a production system like this, as I said before, is a really complex orchestra,” said CEO RJ Scaringe in an earnings call on Thursday. “We’re ramping largely as expected, the battery constraint is really an artifact of just bringing up a highly automated line, and, as I said, it doesn’t present any long-term challenges for us.”
Rivan also confirmed it is building its second EV plant in Georgia, for $5 billion, expected to have a production capacity of 400,000 cars annually. The plant will start construction in 2022 and will be ready for production in 2024, said officials.
The company saw reservations for its R1T pickup and R1S SUV jump to 71,000 as of December 15, up 28% versus November, higher than expected, said Rivian management.
As for production, Rivian made 652 R1T and R1S vehicles, while delivering 386 of the latter, which included the first two R1S SUVs earlier this week.
