Rivian CEO RJ Scaringe (Credit: Unknown)

Rivian Earnings: Revenue of $364M, 2022 guidance reaffirmed

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

Rivian Automotive announced Thursday its second quarter financial results reporting $ of revenue of $364 million while reiterating the annual production guidance of 25,000 units.

During the second quarter, Rivian produced 4,401 vehicles and delivered 4,467 vehicles saying that its average daily preorder rate “accelerated in Q2 of 2022 compared to Q1 of 2022”. The company added that “Supply chain continues to be the limiting factor of our production”.

Rivian expects to be able to add a second shift for vehicle assembly towards the end of Q3 – 2022 production target of 25,000 total units produced reaffirmed adding that it is confident in its ability to launch r2 in Georgia in 2025 with the current cash on hand.

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In late July, Amazon and Rivian announced the plan to have thousands of fully electric vans in more than 100 cities in the U.S. by the end of the year expecting to reach 100,000 by 2030.

Amazon started testing deliveries with Rivian vehicles in 2021 delivering over 430,000 packages and accumulating over 90,000 miles which allows Rivian to continuously improve the delivery vehicles.

Recently, Rivian announced that produced 4,401 vehicles at its manufacturing facility in Normal (Illinois) during the second quarter of 2022 and delivered 4,467 vehicles. The electric vehicle maker said the numbers are “in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.

In mid-June, the company unveiled its plans for a large-scale wind turbine at its Normal manufacturing campus to provide clean energy enabling new R1 vehicles to be powered by renewables for their first charge. Earlier this year, Rivian had installed a 783-kilowatt solar canopy that is scheduled to begin generating electricity later this summer.

The wind project aligns with Rivian’s strategy of adding renewable resources to parts of the country that need them most Illinois’ grid is powered by 11% renewables and aims to reach net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement, the company stated.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

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