Rivian (RIVN) Q1 2022 Earnings

Production of Rivian R1T electric pickup trucks on April 11, 2022 at the company’s facility in Normal, Ill.

Michael Wayland / CNBC

Electric vehicle manufacturer Rivian Automotive Wednesday maintained its 2022 production target, saying it still plans to build just 25,000 vehicles this year.

Here are the key numbers from Rivian’s first quarter earnings report:

  • Loss per share: $ 1.43, lower than Wall Street’s $ 1.44 consensus estimate for Refinitiv.
  • Income: $ 95 million, versus $ 130.5 million for the Refinitiv consensus estimates.
  • Net loss: $ 1.59 billion.
  • Vehicle reservations: Over 90,000, up from 83,000 in Rivian’s latest update in March.

of Riviano Production targets 2022 they reflect the constraints of the supply chain and the problems of internal production. The 25,000 target is half the full-year number that Rivian set in its investor roadshow presentation ahead of its IPO last November.

Rivian had $ 17 billion in cash remaining as of March 31, according to its first-quarter version, enough to cover its spending through the launch of its next model at a planned new factory in Georgia in 2025, it said.

During Wednesday’s close, Rivian’s shares had lost around 28% of their value since a post-IPO lockdown for insiders and early investors expired Sunday. The first investors Ford engine sold 8 million of its approximately 102 million Rivian stock on Monday at an average price of $ 26.80. the escort debuted on public markets at $ 106.75 per share six months ago.

Two more US-based electric vehicle startups, fisherman Other Glossy Groupboth reported strong demand for their vehicles during their earnings presentations last week.

Rivian’s production efforts will soon gain a new leader. Frank Klein, the current leader of auto suppliers International MagnaL’s contract manufacturing unit will join the company as COO on June 1. Klein should focus on solving these supply chain problems and increasing Rivian’s production.

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