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.
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