Production of Rivian R1T electric pickups on April 11, 2022 at the company’s plant in Normale, Illinois.
Michael Wayland / CNBC
Electric vehicle maker Rivian Automotive on Wednesday retained its production target until 2022, saying it still expects to build just 25,000 cars this year. as he reported a loss in the first quarter that was slightly less than Wall Street expected.
Here are the key figures from Rivian’s earnings report for the first quarter:
- Loss per share: $ 1.43, which is more than the Wall Street consensus estimate of $ 1.44 for Refinitiv.
- Income: $ 95 million versus $ 130.5 million by Refinitiv consensus.
- Net loss: $ 1.59 billion.
- Car booking: More than 90 thousand.
Rivian said it now has more than 90,000 bookings, up from 83,000 at the time of the last update in March. This total includes about 10,000 new bookings made since the price increase in early March to an average purchase price of more than $ 93,000.
But it may be some time before Rivian fulfills these latest orders. The company said it had lost “about a quarter” of planned production since late March due to limited supplies of some critical components, including semiconductor chips.
By May 9, Rivian had released a total of about 5,000 cars since production began last fall, including R1T pickups, R1S SUVs and an electric van for Amazon called EDV.
Rivian’s production targets for 2022 reflect supply chain constraints and domestic production challenges. The 25,000 target is half of the less than a year Rivian set out in its presentation to investors before the IPO last November.
Rivian’s production efforts will soon gain a new leader. Frank Klein, the current head of the contract division of carmaker Magna International, will join the company as chief operating officer on June 1st. Klein is expected to focus on addressing these issues with supply chains and increasing Rivian production.
As of March 31, the company has $ 17 billion in cash left, enough to cover costs through the launch of the next model at a planned new plant in Georgia in 2025.
Shares of the company rose about 6% on Wednesday.
After closing on Wednesday, shares of Rivian lost about 28% of their value as Sunday ended the post-IP blocking period for insiders and early investors. Early investor Ford Motor sold 8 million shares of Rivian’s approximately 102 million shares on Monday at an average price of $ 26.80. The stock debuted on open markets at $ 106.75 per share six months ago.
Two other U.S. electric startups, Fisker and Lucid Group, said there was a high demand for their cars during their own revenue presentations last week.
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Profit Rivian (RIVN) for the 1st quarter of 2022
Source link Profit Rivian (RIVN) for the 1st quarter of 2022