Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Normal, Ill.
Michael Wayland / CNBC
Electric vehicle maker Rivian Automotive on Wednesday maintained its 2022 production target, saying it still expects to build just 25,000 vehicles this year, as it reported a first-quarter loss that was slightly narrower than Wall Street had expected.
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, up from 83,000 as of Rivian’s last update in March.
Rivian’s 2022 production goals reflect supply chain constraints and internal manufacturing issues. The 25,000 target is half the full-year number that Rivian laid out in its roadshow presentation to investors ahead of its IPO last November.
Rivian had $17 billion in cash remaining as of March 31, according to its first-quarter release, enough to cover its spending through the launch of its next model at a planned new factory in Georgia in 2025, it said.
Shares of the company rose roughly 6% in after hours trading Wednesday.
Through Wednesday’s close, Rivian’s shares had lost about 28% of their value since a post-IPO lockup period for insiders and early investors expired on Sunday. Early investor Ford Motor sold 8 million of its roughly 102 million Rivian shares on Monday at an average price of $26.80. The stock debuted on the public markets at $106.75 per share six months ago.
Two other U.S. based electric-vehicle startups, Fisker and Lucid Group, both reported strong demand for their vehicles during their own earnings presentations last week.
Rivian’s manufacturing efforts will get a new leader soon. Frank Klein, the current leader of auto supplier Magna International’s contract-manufacturing unit, will join the company as chief operating officer on June 1. Klein is expected to focus on resolving those supply chain issues and scaling up Rivian’s production.
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