Electric automaker Rivian announced its Q3 earnings on Wednesday, which saw production of 7,363 vehicles and delivery of 6,584 vehicles. Rivian said its production ramp “is in line with our expectations despite the challenging supply chain environment.”
Rivian says it now has a backlog of 114,000 R1 preorders, as of November 7, 2022, mainly from U.S. and Canadian customers. This number is on top of the 100,000 electric van preorders from Amazon.
The company saw revenue of $536 million and a net loss of $1.72 billion (versus $776 million in the year ago quarter), with operating expenses at $857 million for the quarter, versus $694 million in the year ago quarter.
Rivian spent $452 million on research and development in Q3, a slight increase over last year’s same period at $441 million. The company ended Q3 with $1.38 billion in cash.
“Based on our latest understanding of the supply chain environment, we are reaffirming our 2022 production guidance of 25,000 total units produced,” said Rivian in its letter to investors.
The company’s next smaller R2 platform also will now launch in 2026 instead of 2025, at its factory in Georgia.
Rivian is finally set to break ground on its long-awaited second U.S. production facility, a massive $5 billion EV factory east of Atlanta, Georgia, on Tuesday, September 16. The 2,000-acre site, located across Walton and Morgan counties, is expected to become one of the largest economic development projects in Georgia’s history, with plans for 20 […]
Rivian has officially begun upgrading its Rivian Adventure Network (RAN) with Tesla’s North American Charging Standard (NACS) plugs, eliminating the need for adapters when Tesla drivers charge at Rivian stations. The upgrade kicked off last week at Rivian’s Joshua Tree Charging Outpost in California, marking the company’s first location to offer both NACS and CCS1 […]
Rivian is growing its manufacturing site in Normal, Illinois, to prepare for production of its new R2 electric SUV, which is expected to launch in 2026. The company is adding a 1.1 million square-foot building to its existing 4.3 million square-foot facility, which already produces the R1 series and electric delivery vans. Once the expansion […]
