The EV startup also announced $95 million in revenue, below Wall Street's forecast of $131 million.

rivian announces q1 2022 results, posts $1.6 billion net loss

Rivian has announced its financial results for the first quarter of 2022, posting a $1.6 billion net loss on $95 million in revenue—below Wall Street’s forecast of $131 million.

The quarterly loss is much higher than the Q1 2021 loss of $414 million, though that was before the EV startup launched production at its plant in Normal, Illinois.

In the shareholder letter, Rivian notes that it had $17 billion in cash and cash equivalents as of March 31, 2022, down from $18.4 billion at the end of 2021. According to the company, the funds are sufficient to allow it to start producing its next-generation R2 series of vehicles. The mid-price EV will be assembled at Rivian’s new plant that to be built near Atlanta, Georgia.

Earlier this month, the EV maker announced it would get $1.5 billion in state and local incentives to build a second $5 billion factory in Georgia, which is expected to start production in 2024.

Gallery: Rivian Manufacturing Plant In Normal, IL

rivian announces q1 2022 results, posts $1.6 billion net loss

7 Photos

rivian announces q1 2022 results, posts $1.6 billion net loss
rivian announces q1 2022 results, posts $1.6 billion net loss
rivian announces q1 2022 results, posts $1.6 billion net loss
rivian announces q1 2022 results, posts $1.6 billion net loss
rivian announces q1 2022 results, posts $1.6 billion net loss
rivian announces q1 2022 results, posts $1.6 billion net loss
rivian announces q1 2022 results, posts $1.6 billion net loss

Rivian said it maintains its annual production forecast of 25,000 units despite ongoing supply chain disruptions and high material costs. However, that’s half the original forecast of 50,000, which was cut in March amid the chip crisis that prevented Rivian from building as many R1T pickups, R1S SUVs and electric delivery vans for Amazon.

Rivian said it build 2,553 vehicles and delivered 1,227 vehicles in the first quarter, compared to 909 deliveries in the previous quarter. The growth was smaller than anticipated, with the company blaming supplier constraints for lost production.

Supply chain continues to be the bottleneck of our production. This challenge has continued across a small handful of technical components such as semiconductors, as well as a few non-semiconductor components. Since March 31, 2022, we have been forced to stop production for longer periods than anticipated, resulting in approximately a quarter of the planned production time being lost due to supplier constraints.

Rivian shareholder letter

As of May 9, 2022, the company says it has built 5,000 vehicles since the start of production in Normal, Illinois in September 2021. Rivian also claims it has more than 90,000 reservations for the R1S SUV and R1T pickup truck from the United States and Canada.

TECH NEWS RELATED

Test drive: 2022 Jeep Grand Cherokee Summit Reserve targets luxury establishment

The 2022 Jeep Grand Cherokee model lineup plays dual roles and one is under-the-radar luxury. Sure, the base Grand Cherokee models take on mainstream models like the Ford Explorer, Toyota 4Runner, and Honda Passport. But today’s top-shelf Grand Cherokee models, such as the Summit and Summit Reserve, are priced ...

View more: Test drive: 2022 Jeep Grand Cherokee Summit Reserve targets luxury establishment

Genesis GV70: Luxury With a Flair for the Dramatic

We’re wowed by the cabin’s sleek lines, smooth curves, top-notch materials and attention to detail. And there is plenty of advanced technology that works well, too.

View more: Genesis GV70: Luxury With a Flair for the Dramatic

Jeep’s CEO Promises an Electric Offering of All New Jeeps for the Next Few Years

During the 2021 Stellantis EV day, various car brands under the auto conglomerate’s umbrella, including Jeep, revealed plans for electrification in the next few years. Jeep’s CEO, Christian Meunier, highlighted that the automaker was already making significant strides into electrification for the brand’s four bestselling models. He also mentioned that ...

View more: Jeep’s CEO Promises an Electric Offering of All New Jeeps for the Next Few Years

Tesla Giga Shanghai May Remain In Closed-Loop System Until Mid-June

Company reportedly wants to move workers into dormitories and keep them in a form of closed loop until June 13.

View more: Tesla Giga Shanghai May Remain In Closed-Loop System Until Mid-June

Harley-Davidson Introduces Second Generation Serial 1 E-Bikes

These next-generation e-bikes come with the power of Google Cloud.

View more: Harley-Davidson Introduces Second Generation Serial 1 E-Bikes

Subaru Impreza WRX Shows Its AWD Evolution Across All Generations

The newest generation will bring the count to 5 over the last 30 years.

View more: Subaru Impreza WRX Shows Its AWD Evolution Across All Generations

Meet E-Diggi, A Fiat Millecento From 1954 Converted In To An EV

As unfortunate as it may seem, the E-Diggi is a one-off unit. There’s something about vintage and classic cars! The lines, the coachwork and the sheer class that they ooze, is something that is difficult for modern cars to match. And one such car is the E-Diggi. On the ...

View more: Meet E-Diggi, A Fiat Millecento From 1954 Converted In To An EV

What Should You Do if You Lock Your Keys in Your Car?

We’ve all done it. Often, you realize it just after you shut the car door. Or sometimes it’s with the “thunk” of power locks as your pup steps on the button to stare out at you. Worse, you don’t realize it until you reach for your keys to go ...

View more: What Should You Do if You Lock Your Keys in Your Car?

How WLTP range is really calculated

German Motorcycle Market Sees Slight Decline In April 2022

Peugeot 9X8 Le Mans contender ready to race

Need suggestions: Sprucing up my 2 year old Maruti S-Presso

Elon Musk And Alphabet Just A Few Investing $2 Billion In Carbon Removal

Tesla Giga Shanghai output will return to pre-lockdown levels by Tuesday

Hyundai Grand i10 Nios Corporate Edition Launched At Rs 6,28,900

Seven reasons to be excited about the Isle of Man TT’s return

Tesla to pilot opening up supercharger network

Vivaldi Browser Launches For Renault Android Automotive Cars

Elon Musk Says Tesla To Have True Full Self Driving Next Year Onwards

Blue Bird expands into class 5-6 commercial vehicles

OTHER TECH NEWS

Top Car News Car News