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Electric vehicle maker Rivian Automotive on Tuesday reported a narrower-than-expected first-quarter loss and said it remains on track to meet its 50,000-vehicle production goal for 2023.
Here are the key numbers from Rivian first quarter earnings report, Along with the consensus Wall Street forecast as reported by Refinitiv:
- Adjusted loss per share: $1.25 vs. $1.59 expected.
- he won: 661 million dollars, compared to the expected 652.1 million dollars.
Rivian’s net loss for the first quarter was $1.35 billion, or $1.45 per share. A year ago, the company reported a net loss of $1.59 billion, or $1.77 per share, in revenue.
On an adjusted basis, Rivian lost $1.25 per share during the period, compared to $1.43 per share in the year-ago period.
Rivian had $11.8 billion in cash remaining as of March 31, down from $12.1 billion at the end of 2022. First-quarter capital expenditures were $283 million, compared to $418 million in the year-ago period.
Rivian has been cutting its spending for the past several months in an effort to conserve cash. The company said on February 1 that it would cut its workforce by 6%, or about 900 employees.
“Our core priorities for 2023 remain unchanged,” CEO RJ Scaringe said in an earnings release on Tuesday. “The team continues to focus on increasing production, driving cost reduction, developing the (next smaller) R2 platform and future technologies and delivering an outstanding and comprehensive customer experience.”
Rivian said on April 3 that it built 9,395 electric vehicles in the first quarter and had delivered 7,946 vehicles to customers by the end of the quarter. Both numbers are down from the fourth quarter, as a result of planned plant outages as Rivian upgraded its assembly lines to include its new in-house built “Enduro” electric motors and lower-cost lithium iron phosphate battery packs.
Claire McDonough, CFO, emphasized that the new motors and batteries are “essential to achieving our long-term target cost structure across existing vehicle platforms, in addition to the R2”.
Rivian’s R2 platform, now in development, will power a series of smaller vehicles priced lower than the R1T’s current $73,000 starting price. It is currently expected to be launched in 2026.
Rivian confirmed that it remains on track to achieve its full-year production guidance of 50,000 vehicles, double the number it achieved in 2022, with total capital expenditures of approximately $2 billion for the year.
The company is currently building the R1T Pickup, R1S SUV, and a series of electric delivery vans for Amazon at its Normal, Illinois, plant.
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