Rivian has published a report for the fourth quarter of 2022. It says that the losses of the electric vehicle manufacturer for the reporting period exceeded $2.4 billion. The company is still facing major challenges in ramping up production. The automaker has revised its production plan for 2022 to 25,000 cars. This year will also be unprofitable.
Since the beginning of the year, 1,410 electric vehicles have been manufactured, and 2,425 all the time. The company specifies that this year production was stopped to modernize production lines, but now work has resumed, and production volumes have doubled compared to those achieved last quarter.
The automaker claims it could produce 40,000 R1T (pickup), R1S (SUV) and EDV (van) electric vehicles in a year, but supply chain problems plaguing the industry limit the expected output to 25,000 units.
The market reacted to the publication of the report and the decrease in the projected issue volume by reducing the value of Rivian shares by 13%. The company’s capitalization currently stands at $33 billion. This is the lowest level since last November, when the company was worth $150 billion after its public offering.
As of the end of last quarter, the company had $18 billion at its disposal. She managed to accept 83,000 pre-orders for electric vehicles.
Source: ixbt
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
