Electric vehicle manufacturer Rivian Automotive on Wednesday confirmed its production target of 25,000 vehicles for 2022, but said it plans to spend less to do it as the company reported third-quarter sales that fell short of expectations. Wall Street.
Rivian cut its forecast for capital expenditures in 2022: it now expects its full-year capital expenditures to be about $1.75 billion, down from the $2 billion it led after the second quarter as it added some planned spending. shifts to next year.
The company still expects its full-year adjusted loss before income, taxes, depreciation and amortization to be $5.4 billion, in line with its forecast it issued in August.
Shares of the company rose 7% in after-hours trading.
Here are key numbers from Rivian’s third quarter earnings report, compared to Wall Street analysts’ average expectations as met by Refinitiv:
- Revenue: $536 million, versus $551.6 million expected.
- Adjusted loss per share: $1.57, versus an expected loss of $1.82 per share.
Rivian’s third-quarter net loss was about $1.72 billion, a loss larger than the $1.23 billion it reported a year earlier.
As of September 30, the company had approximately $13.8 billion in cash left over, down from $15.5 billion on June 30. Rivian reiterated that it is “confident” that his money supply will last until 2025.
However, it now expects to launch its upcoming smaller product platform, dubbed R2, in 2026 rather than 2025 as said earlier. The R2 is being built in a new factory in Georgia.
Rivian said it now has “more than 114,000” preorders for its R1-series trucks and SUVs, up from about 98,000 preorders as of Aug. 11. Those totals do not include the 100,000 electric vans that Amazon ordered in 2020.
Rivian said it has added a second shift of workers to its Illinois plant, a major step toward increasing production volumes. It noted that the new employees are still coming online, but said the second shift is already producing vehicles.
Rivian said on Oct. 3 it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles to customers during the period. To date, through the third quarter, Rivian has produced 14,317 vehicles.
The automaker also said on Wednesday that with increasing production volumes, it has shipped its vehicles by rail instead of truck. That change has reduced costs, but it also means that new vehicles take longer to reach customers after they are produced. Because of that delay, Rivian said, the gap between quarterly production and delivery totals could widen in the future.
This story is evolving. Come back for updates.