Production of Rivian R1T electric pickups on April 11, 2022 at the company’s plant in Normale, Illinois.
Michael Wayland / CNBC
Manufacturer of electric vehicles Rivian Automotive on Wednesday retained the 2022 production target, saying it was still on track to produce 25,000 cars this year as it reported a jump in bookings and first-quarter losses that were slightly less than Wall Street had expected.
Here are the key numbers 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 per 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 for the R1 series truck and SUV, up from 83,000 at the time of the last update in March. This amount includes about 10,000 new bookings made after that raised prices in early Marchit was said in the average purchase price is over $ 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. The Rivian factory in Illinois will have a capacity of up to 150,000 vehicles a year if the production line will be operating at full speed.
By May 9, Rivian had released a total of about 5,000 vehicles since production began last fall, including R1T pickups, R1S SUVs and an electric delivery van. Amazon called the EDV 700. A second, smaller van for Amazon, called the EDV 500, is currently in final testing, said CEO RJ Scaringe.
Rivian Production targets for 2022 reflect supply chain constraints and domestic production problems. 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 leader of the auto supplier Magna InternationalThe contract manufacturing division 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 had $ 17 billion in cash, according to its first-quarter release. He said that would be enough to cover his costs through the launch of his next model, a cheaper car called the R2, at a planned new plant in Georgia in 2025.
Shares of the company rose about 3% in post-Wednesday trading on Wednesday, after falling nearly 10% during a regular trading session.
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. Ford Motor on Monday sold 8 million out of approximately 102 million shares of Rivian shares at an average price of $ 26.80 per share. Stock debuted in public markets at $ 106.75 per share six months ago.
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