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.
