Rivian electric pickup trucks stand in the parking lot of a Rivian service center on May 9, 2022 in South San Francisco, California.
Justin Sullivan | Getty Images
Electric car maker Rivian Automotive on Wednesday reaffirmed its 2022 production target of 25,000 vehicles, but said it plans to spend less on it as the company reported third-quarter revenue that fell short of Wall Street’s expectations.
Rivian has cut its 2022 capital expenditure forecast: it now expects its full-year capital expenditure to be around $1.75 billion, up from the $2 billion it targeted after the second quarter, as it rolls over some planned spending next year.
The company still expects its full-year adjusted loss before income, taxes, depreciation and amortization to be $5.4 billion, in line with guidance given in August.
The company’s shares rose 7% in after-hours trading.
Here are the key figures from Rivian third quarter income statement, compared to Wall Street analysts’ average expectations compiled by Refinitiv:
- Income: 536 million dollars against the expected 551.6 million dollars.
- Adjusted loss per share: $1.57 versus an expected loss of $1.82 per share.
Rivian posted a net loss of about $1.72 billion for the third quarter, more than the $1.23 billion loss it reported a year earlier.
As of September 30, the company had about $13.8 billion of cash left, compared to $15.5 billion as of June 30. Rivian reiterated that it is “confident” that its cash reserves will last until 2025.
However, the company now expects to launch its upcoming smaller product platform called R2 in 2026 rather than 2025 as previously announced. The R2 will be built at a new plant in Georgia.
Rivian said it currently has “over 114,000” pre-orders for its R1 series trucks and SUVs, up from about 98,000 pre-orders as of August 11. These figures do not include the 100,000 electric delivery vans ordered by Amazon in 2020.
Rivian said it has added a second shift of workers to its Illinois plant, a key step in boosting production. It noted that new workers were still coming online, but said the second shift was already making cars.
Rivian reported on October 3 that it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles to customers during that period. Since the beginning of the year, during the third quarter, Rivian produced 14,317 vehicles.
The automaker also said on Wednesday that it has shifted to delivering its vehicles by rail rather than by trucks as production ramps up. This change has resulted in lower costs, but also means that new vehicles may take longer to reach customers after they are produced. Due to this backlog, the gap between quarterly production and shipments could widen in the future, Rivian said.
This story is evolving. Please stay tuned for updates.