January 29, 2023

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Rivian Q3 earnings: Posts $1.23 billion net loss, won’t meet 2001 EV production goal

The startup released its very first model in September, the R1T pickup, which is remaining developed at a facility in Normal, Unwell. Rivian started deliveries of its R1S SUV this thirty day period. It also has an get to make one hundred,000 battery-run delivery vans for Amazon.

Rivian has been prioritizing assets for the Amazon Van job over its individual customer models, Bloomberg noted in October. Rivian said Thursday that it would get started deliveries of the very first saleable Prime Rivian vans to Amazon this thirty day period.

Preorders up

Net preorders for the two R1 models grew to a blended seventy one,000 as of Dec. 15, Rivian said, up from fifty five,four hundred at the end of October. The company has also developed to additional than 10,000 staff members.

To assistance its development, Rivian said it would get started developing the EV and battery plant in Ga up coming summer time, confirming experiences by Bloomberg Information and other shops in the latest times. The $five billion internet site is projected to hire additional than seven,500 people and have manufacturing ability for four hundred,000 vehicles yearly, with creation commencing in 2024.

Rivian ended the quarter with funds and funds equivalents of $five.2 billion. Factoring in the proceeds of the company’s IPO and the price of its senior secured notes, the company would have $19.nine billion of available funds.