Rivian Posts $1.7 Billion Second-Quarter Loss
Aug 12, 2022 By MarketDepth
Rivian (RIVN:NYQ) announces second-quarter results, reports bigger than expected loss, and forecasts more losses for the fiscal year. Rivian reported $364 million in earnings versus $335.7 million estimated and the adjusted EPS loss of $1.62 billion versus $1.61 billion expected. The more significant issue the company released is an expectation of a wider loss of for the year of $5.45 billion versus the $4.75 billion previously announced.
The company is keeping up with production forecasts for the fiscal year by stating they will hit their 25,000 vehicles target. The company has produced about 6,000 vehicles in the year’s first half, meaning they will need to ramp production to push out the remaining 19,000 EVs.
Rivian also announced a growing pre-order backlog of orders from 90,000 to 98,000.
“Supply chain continues to be the limiting factor of our production; however, through close partnership with our suppliers we are making progress. We expect to be able to add a second shift for vehicle assembly towards the end of the third quarter.”the company said in a statement