US electric car company Rivian’s first-quarter loss was lower than expected, and shares rose more than 9% after the market

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On the morning of May 12, Beijing time, according to reports, on Wednesday, local time, Rivian, an American pure electric vehicle manufacturer, released its first-quarter earnings report. The company said it will continue to maintain its original 2022 pure electric vehicle production target of 25,000 units for the year. The company also revealed an increase in consumer bookings and an actual loss in the first quarter that was lower than Wall Street analysts had expected.

Here are the key figures from Rivian’s first-quarter earnings report:

— A loss of $1.43 per share was below the $1.44 expected by Wall Street analysts.

— Revenue came in at $95 million, missing analysts’ expectations of $130 million.

— Net loss of $1.59 billion.

——The total number of orders for pure electric vehicles: more than 90,000.

The company said that for its two series of electric pickup trucks and pure electric SUVs, the total pre-orders reached 90,000 units, exceeding the 83,000 units announced in March. Among them, the company announced a price increase in March, and 10,000 pre-orders occurred after the price increase. The average purchase price of these new orders was $93,000.

For Rivian, it will take some time to complete production of these orders. The company said it lost about a quarter of its pure-electric vehicle production after March due to tight supplies of key components, especially chips.

Rivian’s models include the R1T electric pickup truck and the R1S pure electric SUV, as well as the “EDV 700” electric van for the major shareholder Amazon. The total production of the three models since their inception has reached about 5,000 units.

CEO RJ Scaringe revealed that the company is also developing a second electric van for Amazon, the “EDV 500,” which is currently undergoing final testing.

Rivian has an auto manufacturing plant in the U.S. state of Illinois. It is reported that if the production line achieves its full capacity target, the plant can produce 150,000 pure electric vehicles per year.

This year’s production target of 25,000 vehicles actually takes into account supply chain issues in the auto industry as well as problems with the company’s internal production. At the end of last year, Rivian was listed on the US stock market, and in the roadshow before the listing, they proposed a full-year production target of 50,000 vehicles, which has been halved.

It is also reported that Rivian’s auto-manufacturing division will soon have a new leader. The man’s name is Frank Klein, and he is currently in charge of the foreign OEM business at Magna International, a global auto parts giant. Starting June 1, Clay will serve as Rivian’s chief operating officer. His important task is to solve the problem of the automotive supply chain and continue to expand the company’s pure electric vehicle production capacity.

The company had $17 billion in cash on its books as of the end of March, the earnings report showed. The company said that was enough to keep the company going until the next model launch. The next model, dubbed the R2, is a low-priced pure electric vehicle that is scheduled to roll off the assembly line in 2025 at a new factory in Georgia, USA.

During the intraday trading session on Wednesday, local time, Rivian’s stock price fell by 10%, but in after-hours trading after the earnings report, the stock price rose sharply by more than 9%.

It is reported that last Sunday was the end of the “post-listing lock-up period” for Rivian’s early investors and insiders, which led to the stock sell-off. The company’s shares have fallen 28% since last Sunday.

Shareholder Ford Motor Co. sold 100 million Rivian shares on Monday at an average selling price of $26.8. For comparison, when Rivian went public late last year, its first-day trading price was as high as $106.

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