Rivian has introduced its monetary outcomes for the primary quarter of 2022, posting a $1.6 billion internet loss on $95 million in income—under Wall Road’s forecast of $131 million.

The quarterly loss is far larger than the Q1 2021 lack of $414 million, although that was earlier than the EV startup launched manufacturing at its plant in Regular, Illinois.

Within the shareholder letter, Rivian notes that it had $17 billion in money and money equivalents as of March 31, 2022, down from $18.4 billion on the finish of 2021. Based on the corporate, the funds are adequate to permit it to start out producing its next-generation R2 sequence of autos. The mid-price EV might be assembled at Rivian’s new plant that to be constructed close to Atlanta, Georgia.

Earlier this month, the EV maker introduced it could get $1.5 billion in state and native incentives to construct a second $5 billion manufacturing unit in Georgia, which is predicted to start out manufacturing in 2024.

Rivian mentioned it maintains its annual manufacturing forecast of 25,000 items regardless of ongoing provide chain disruptions and excessive materials prices. Nonetheless, that’s half the unique forecast of fifty,000, which was lower in March amid the chip disaster that prevented Rivian from constructing as many R1T pickups, R1S SUVs and electrical supply vans for Amazon.

Rivian mentioned it construct 2,553 autos and delivered 1,227 autos within the first quarter, in comparison with 909 deliveries within the earlier quarter. The expansion was smaller than anticipated, with the corporate blaming provider constraints for misplaced manufacturing.

Provide chain continues to be the bottleneck of our manufacturing. This problem has continued throughout a small handful of technical parts reminiscent of semiconductors, in addition to a number of non-semiconductor parts. Since March 31, 2022, we now have been pressured to cease manufacturing for longer intervals than anticipated, leading to roughly 1 / 4 of the deliberate manufacturing time being misplaced as a consequence of provider constraints.

Rivian shareholder letter

As of Might 9, 2022, the corporate says it has constructed 5,000 autos for the reason that begin of manufacturing in Regular, Illinois in September 2021. Rivian additionally claims it has greater than 90,000 reservations for the R1S SUV and R1T pickup truck from the US and Canada.