Michael Wayland / CNBC
Here are the key numbers from Rivian’s first-quarter earnings report:
- Loss per share: $1.43, narrower than Wall Street’s $1.44 consensus estimate per Refinitiv.
- Revenue: $95 million, versus $130.5 million per Refinitiv consensus estimates.
- Net loss: $1.59 billion.
- Vehicle reservations: Over 90,000.
Rivian stated it now has over 90,000 reservations, up from 83,000 as of its final replace in March. That whole contains about 10,000 new reservations made because it raised prices at the beginning of March, it stated, to a median buy value of over $93,000.
But it might be some time earlier than Rivian fills these most up-to-date orders. The firm stated it has misplaced “roughly 1 / 4” of its deliberate production since the finish of March attributable to tight provides of some crucial parts, together with semiconductor chips.
Through May 9, Rivian had produced a complete of about 5,000 automobiles since beginning production final fall, the firm stated, together with R1T pickups, R1S SUVs and an electrical supply van for Amazon referred to as the EDV.
Rivian’s 2022 production goals replicate provide chain constraints and inside manufacturing points. The 25,000 goal is half the full-year quantity that Rivian specified by its roadshow presentation to traders forward of its IPO final November.
Rivian’s manufacturing efforts will quickly get a brand new chief. Frank Klein, the present chief of auto provider Magna International’s contract-manufacturing unit, will be a part of the firm as chief working officer on June 1. Klein is anticipated to focus on resolving these provide chain points and scaling up Rivian’s production.
The firm had $17 billion in money remaining as of March 31, in keeping with its first-quarter launch, sufficient to cowl its spending by means of the launch of its subsequent mannequin at a deliberate new manufacturing unit in Georgia in 2025, it stated.
Shares of the firm rose roughly 4% in after hours buying and selling Wednesday, after shedding practically 10% throughout the common buying and selling session.
Through Wednesday’s shut, Rivian’s shares had misplaced about 28% of their worth since a post-IPO lockup interval for insiders and early traders expired on Sunday. Ford Motor offered 8 million of its roughly 102 million Rivian shares on Monday at a median value of $26.80 per share. The stock debuted on the public markets at $106.75 per share six months in the past.
This is breaking information. Please examine again for updates.