Rivian Automotive reported on Wednesday its Q1 2022 Financial Results. The company missed Q1 rev estimated reporting $95 million versus the consensus estimate of $130.5 million. The EV maker reiterated its forecast to produce 25,000 vehicles in 2022. Rivian still sees full year 2022 EBITDA of -$4.75B, in line with consensus. The company will host an audio webcast to discuss its results and provide a business update at 2:00pm PT / 5:00pm ET.
“Our top priority for 2022 remains ramping production in our Normal, Illinois production facility. During a pandemic and in the context of a highly constrained global supply chain, our team has introduced four different models across two vehicle platforms and produced ~5,000 vehicles since the start of production. Our manufacturing shops are demonstrating strong performance as our weekly production rates continue to climb when not constrained by supply chain limitations”, Rivian stated.
“The scale of our impact is ultimately tied to our ability to deliver compelling unit economics. Beyond extensive continuous improvement activities across the vehicles, we look forward to introducing our new Lithium Iron Phosphate (“LFP”) battery, updated electronics, and single motor drive unit, known as “Enduro,” that we plan to use in both the EDV for a single-motor application and the R1 for a dual-motor application.”
“As we think about our long-term scale, our goal is to achieve more than 10% global market share. To achieve this goal, we recognize we must earn the right to accelerate the production capacity we bring online by demonstrating a prudent investment process. For current and future plant investments, it is critical that we optimize the efficiency of each dollar spent per unit of capacity while also optimizing to limit our carbon footprint.
While we have room for improvement, we have already seen capital efficiency gains between the R1 and CV platforms. As an example, our dollar per unit of capacity for machinery and equipment between our first line design for the R1 body and our second line design for the CV body decreased by almost 50%. Additionally, we are investing today in technologies and capabilities for R1 that are designed to benefit future platforms, including R2. Over the medium term, we also plan to employ numerous learnings from our Normal, Illinois plant in our announced plant in Georgia. We believe our experience ramping the R1 and CV platforms will benefit our next generation R2 platform, which will be key in driving attractive long-term returns on capital.
We continue to be encouraged by the progress we are making and the enthusiasm we see from our customers and community. We want to thank our employees, customers, suppliers, partners, communities, and shareholders for continued support for our vision and our journey to help shift our global economy to carbon neutrality”.
According to pictures posted on Twitter by Next Move, Rivian‘s van was seen on May 6 in Germany with a Swedish license plate. Recently, the company declined to disclose how many of these vehicles were built so far, but during the recent visit by Media to the facility, dozens of those were seen ready to be delivered apart from the ones on the assembly line.
Rivian announced on April 5 that produced a total of 2,553 vehicles in Q1 2022 at its manufacturing facility in Normal, Illinois. The EV maker delivered 1,227 vehicles during the same period being in line with the company’s expectations for the year. Rivian believes it is “well positioned to deliver on the 25,000 annual production guidance provided during its Q4 earnings call on March 10, 2022”.
Rivian had its IPO on November 10, 2021, raising nearly $13 Billion with a price of $78.00 per share. By then, Rivian and Lucid stocks were among the favorites for short-squeeze traders leading Rivian shares to their All-Time-High at $179.47 after the first week of trading. Rivian shares are now trading around $32.50, 82% down from their recent highs.