Rivian (RIVN) Q3 2022 revenue misses expectations, reaffirms production target
The company fell short of revenue expectations, but remains on track to meet its goal of 25,000 vehicles produced in 2022.
Last month, we reported on the affirmation by EV startup Rivian Automotive that it remains on track to meet its goal of manufacturing 25,000 vehicles by the end of 2022. In more recent reports, Rivian remains committed to this 25,000-vehicle target but is now planning to spend less to reach it as the company’s revenue for Q3 2022 fell short of Wall Street estimates.
Rivian saw a net loss for Q3 of around $1.72 billion with expectations for its full-year capital expenditures to reach approximately $1.75 billion. Reported revenue was $536 million, short of the $551.6 million that was expected, and adjusted loss per share was $1.57 compared to the expected $1.82 per share loss.
As of right now, as reported by CNBC, Rivian has “over 114,000” preorders for its R1-series vehicles. To help meet demand, Rivian has added a second shift of workers at its Illinois factory. The company produced 7,363 vehicles in its third quarter, and delivered 6,584 of these to customers.
For the year through Q3, Rivian has produced 14,317 vehicles, bringing the company a little under 11,000 shy of its 25,000-vehicle goal. In its earnings report, Rivian shared the following statement in regards to vehicle production:
Overall, it’s undoubtedly reassuring for Rivian customers that the company remains on track to reach its 25,000-vehicle goal, even amid lower revenue reflected in its Q3 2022 earnings report.
For more on Rivian, be sure to read through some of our previous coverage including how Rivian is on track to meet its 2022 goal with production growing 67 percent in Q3, and Mercedes Benz and Rivian forming a joint venture to build EV vans in Europe.
Morgan Shaver posted a new article, Rivian (RIVN) Q3 2022 revenue misses expectations, reaffirms production target