Rivian announced its Q2 2022 earnings on Thursday, delivering 4,467 electric vehicles and producing 4,401 for the quarter.
The company saw $364 million in revenue, above Wall Street estimates, but posted a $1.7 billion net loss. Compared to the year-ago quarter, Rivian lost $580 million. The company attributed the increase due to higher operating losses. The company saw operating expenses come in at $1 billion.
“As we produce vehicles at low volumes on production lines designed for higher volumes, we have and will continue to experience negative gross profit related to labor and overhead costs. This dynamic will continue in the near term, but as we have already started to experience, we expect it will improve on a per vehicle basis as production volumes ramp up faster than future labor and overhead cost increases,” explained Rivian.
Rivian says it has $15.5 billion in cash and equivalents left as of June 30, down from $17 billion as of March 31, 2022.
As of June 30, 2022, Rivian has about 98,000 R1 truck and SUV pre-orders in the U.S. and Canada. The company’s plant in Normal, Illinois, has an annual capacity of 150,000, but the company has yet to ramp up to that number.
Rivian says it still plans to produce 25,000 cars in 2022.
