Rivian went public a few months ago and one of the key elements of being a public company is you have to report everything and anything to the shareholders. That’s how we know that Rivian has finally delivered its first electric SUVs (after the trucks), while committing to a $5bln investment in the new production plant in Georgia and, cherry on top of the cake, it has also lost $1.2bln in the last quarter.
Rivian has released its first earnings report since going public and it has revealed generating $1mln from delivering its first R1T electric trucks, which is not enough to recoup the $82mln investment to build them. Between December 1 and December 15, Rivian has delivered 650 trucks and 2 SUVs. When all is said and done, the company has reported a net loss of $1.2 billion this quarter but that’s more or less in line with expectations.
The bad news is the company was supposed to produce 1,200 vehicles in 2021 but they’re going to miss that target – again, not surprising because of the well-known supply chain issues – and in the report, we also discover that Rivian has received 71,000 reservations as of December 15. You can find the full shareholders letter here.
As for the new plant in Atlanta, Georgia, Rivian said it’ll cost around $5bln to build it and the 2,000-acre production site will become operational in 2024.
I’ve crossposted this article on my Drivetribe account and Publish0x, a social media platform that pays you small amounts to create and/or read content. You need to sign up but it’s 100% free
_flabbergasted LF is unsponsored and independent. If you like the content please subscribe to the WordPress website, follow on Instagram it helps a bunch. Also, if you want to support the website with Crypto, any donation in Eth (or any other Ethereum-based token), Btc, Nano, Xmr, is highly appreciated (see address below) Thank you.
Eth: 0xF8D5df20ed7B80624B02F21661DD0Fd57bf27F0D
Xmr: 8BZ1CtEoQsu1AekeSRmum5Y9o15RGjnbGbY34EertEYxYtXLsTwsH4bHQQrDf1Azz2du9h6NucR5aTxtMHpKRH38QhCkDu6
Btc: bc1q40wwu2qshpwkpurtyyrhs5t3kq0szrfjlyzmku
Nano: nano_3931o9kgduoqpt6wi6148dbooj8458wzi6djqkiocyqkkfyus71agxbtzg13
Get a discount on Undone Watches
Get a discount on your first Glovo order
Get free crypto when you make your first deposit on BlockFi
Get free BTC for your first deposit on Coinbase or Binance
Get free diamonds use my CoinmarketCap code
_Flabbergasted LF 