Rivian posts $1.7 billion net loss in Q3 2022, reaffirms annual production target and delays release of R2 platform

Rivian published their Q3 2022 financial report on Wednesday, earning $536 million in revenue from the sales of its EDV, R1T, and R1S electric vehicle

That figure was slightly lower than the Wall Street consensus estimate of $551.6 million, and not enough to offset their enormous costs as they continue to ramp production.

According to the financial report released on Wednesday, Rivian’s net loss was $1.724 billion for the period from July to September 2022. That is more than the $1.23 billion Rivian posted in Q3 2021 just as it was preparing to begin production.

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Rivian expects to continue to burn through its cash reserves at a lower level than they previously anticipated. The automaker now expects to spend $1.75 billion in capital expenditures in 2022, down from $2 billion it said it would spend in its Q2 results.

At the end of Q3 Rivian says it has $13.8 billion cash in hand, down from the $15.5 billion it had in at the end of Q2. The company expects this money will last them through 2025, when they were hoping to launch their R2 vehicle platform, a date which now been pushed back to 2026.

The R2 platform was supposed to be built at their second manufacturing facility, which was set to be built in Georgia, but has been facing strong local opposition. A court recently killed a key portion of the generous incentive package, leaving the future of the factory in doubt.

Rivian did not say why they were delaying the release of the R2 platform, but did mention the Georgia factory in the same sentence.

“We continue to work with the state of Georgia and the Joint Development Authority and expect our R2 platform will launch in 2026,” Rivian said.

While the future of their second factory is up in the air, their existing facility in Normal, Illinois continues to ramp production. Rivian announced earlier this month they had produced a record 7,363 vehicles, and delivering 6,584 of them to new customers.

With the strong quarter Rivian reaffirmed its annual production guidance of 25,000 vehicles. To date Rivian has produced about 15,000 vehicles, so it will need another record quarter to reach that mark.

Interest in Rivian vehicles continues to increase. The automaker says they now have more than 114,000 reservations in Canada and the US as of November 7. On August 11 that number stood at 98,000.

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