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U.S. Automaker Rivian Reports Low Earnings, Predicts Low 2022 Output

Rivian
Rivian | rafapress

According to The Wall Street Journal, U.S. electric car manufacturer Rivian Automotive Inc. revealed a relatively low earning for Q4. After hitting a new 52-week low, shares were down more than 13% for Rivian.

The automaker company announced it expects to produce 25,000 electric trucks and SUVS for 2022, while some analysts were expecting 40,000.

In regards to their lower shares, Rivian said in a statement, “In the immediate term, we are not immune to the supply chain issues that have challenged the entire industry. Those issues, which we believe will continue through at least 2022, have added a layer of complexity to our production ramp-up.”

Rivian’s revenue of $54 million in Q4 led to a negative gross profit of $383 million and a net loss inclusive of all costs of $2.46 billion, or $4.84 per share. For the entire 2021 period, the company’s $55 million in revenues led to a negative gross profit of $465 million and a net loss of $4.69 billion, or -$22.98 per share.

Despite their low Q4, in 2021, Rivian reached some significant milestones. The company began production and deliveries of all three of its vehicles — the R1T, R1S, and EDV — and made the MotorTrend’s 2022 Truck of the Year. 

Rivian also launched a digital-first, direct-to-consumer experience platform to manage the customer experience, and chose the site for its second U.S. manufacturing plant just outside Atlanta, Georgia.

The company hopes to continue expanding production at its plant in Normal, Illinois, and begin working on its second domestic manufacturing facility.

Rivian’s mission is to produce electric vehicles that combine performance, efficiency, and technology, as well as a full suite of proprietary, value-added services that address the entire vehicle lifecycle.

R.J. Scaringe, Rivian’s CEO, said the electric car maker would be capable of producing more than 50,000 units in 2022 if not for issues with the supply chain.

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