Electric vehicle maker Rivian has announced its Q1 2022 earnings, revealing it produced 2,553 vehicles, while delivering 1,227 of them and generating $95 million in revenue.
However, Rivian’s net loss in Q1 was $1.59 billion, compared to $410 million in the year-ago quarter, nearly quadrupling.
“Since March 31, 2022, we have been forced to stop production for longer periods than anticipated, resulting in approximately a quarter of the planned production time being lost due to supplier constraints. Encouragingly, as we demonstrate our production ramp, our suppliers are leaning in to help ensure we can achieve our targets,” said Rivian in its shareholder letter.
The company said as of May 9, 2022, it has over 90,000 R1 preorders from customers in the U.S. and Canada. Since the company’s price increase in March, they have received over 10,000 R1 preorders from both markets, at an average price of $93,000 USD.
Irvine, California-based Rivian also announced pre-orders won’t be able to lock in final pricing until the time is closer to a customer’s build slot. The move is to get a jump on any inflation or parts backlogs.
“As demand for our products continues to grow, we remain focused on evolving our preorder processes to better manage our large backlog. Soon we will be launching an updated reservation system for new customers that separates the reservation and configuration steps,” says Rivian.
“New customers will still be able to browse through options; however, the ability to save a specific configuration will not happen until closer to a customer’s build slot. This change ensures that when a build is configured, the customer is choosing from the latest features, packages, and pricing. This new reservation system equips us to better navigate managing a large demand backlog with inflation uncertainties, planned content changes, and enhancements to ensure customers are offered the latest product offering,” details the company.
Rivian says they remain focused on ramping up production this year. “We believe that the supply chain constraints will continue to be the limiting factor of our production. Based on the demonstrated production rates and progress we have seen in our facility, we believe if all supply constraints were resolved, our plant would have the ability to run at two times the currently expected output for the remainder of 2022.”
