Rivian has announced its third quarter financial report. Unlike Lucid, which lowered its production forecast, Rivian raised its production forecast while lowering its loss forecast and announced that it would no longer only supply to Amazon.
Revenue: US$1.337 billion, a year-on-year increase of 149%, analysts expected US$1.31 billion
Net loss: US$1.367 billion, a year-on-year decrease of 21%
Negative gross profit margin: US$477 million, compared with 917 million CNY in the same period last year
R&D expenses: US$529 million
Loss per share was $1.44; third-quarter adjusted loss was $1.19 per share, while analysts expected a loss of $1.32;
Cash and cash equivalents of $7.94 billion, analysts expected $8.37 billion;
Rivian said that the growth in revenue was mainly driven by increased deliveries. Its Q3 production was 16,304 vehicles and its delivery volume was 15,564 vehicles, an increase of 17% and 23% respectively from the previous quarter.
In addition, the company is no longer bound by the exclusive supply agreement with Amazon and may sell commercial electric vans to third parties; it expects a full-year adjusted EBITDA loss of US$4.0 billion, and the company originally expected a loss of US$4.20 billion.
Rivian expects to produce 54,000 vehicles for the full year, compared with the company’s original forecast of 52,000 vehicles. As of the third quarter, its cumulative production has reached 39,691 vehicles. While raising its production forecast, Rivian also lowered its loss forecast to US$4 billion.
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