Rivian CEO RJ Scaringe said on a call with investors that during “a lot” of the second quarter they were not able to fully utilize their production line.
“We weren’t even able to run a full single shift because of component supply,” Scaringe said.
The hefty losses are in line with Rivian’s expectations for the year. It said the losses stemmed from its investment in people, technology and vehicle programs.
Rivian produced 4,401 vehicles in the second quarter and delivered 4,467 vehicles, and its production increased 72% from the first quarter of the year, when it produced 2,553 vehicles. The automaker plans to produce 25,000 units this year. Rivian’s stock fell 2% in after-hours trading.
The automaker still has more than $15 billion in cash to finance its operations, which it says will be enough to finance its upcoming Georgia manufacturing plant and a new vehicle platform, dubbed R2.
The company also said that its delivery vehicles have carried more than 430,000 packages for Amazon since early 2021.
Rivian losses surge to $1.7 billion as production ramps up & Latest News Update
Rivian losses surge to $1.7 billion as production ramps up & More Live News
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Rivian losses surge to $1.7 billion as production ramps up & More News Today
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