Rivian apparently lost over $1 billion in the first quarter of 2022, but the EV maker, backed by giants like Ford and Amazon, has already delivered more than 1,000 electric cars in the first three months of the year.
Rivian Lost $1 Billion
As per a news story by The Verge, the EV firm Rivian admitted that its net loss is now more than a billion dollars in the first quarter of the year, slashing away $1.59 billion.
The Ford and Amazon-backed automaker disclosed its loss during its first-quarter earnings report, revealing the bleak reality that it lost massive amounts of money early on in 2022.
Rivian also said during its earnings report that it has already shipped more than a thousand EVs to its customers in the past three months, outperforming its overall deliveries from last year or in 2021.
Rivian EV Deliveries
The EV maker reported that it has already delivered a total of 1,227 electric cars in the first quarter of the year. As a result, Rivian has already shipped a total number of 2,148 vehicles to its consumers.
It is worth noting that the said figures are still far from the blockbuster reservations of both its R1T and R1S EVs, which have already reached the 90,000 mark. It is significantly up from the number of pre-orders last March, which was only around 83,000.
Despite the massive pile of backlogs that Rivian is currently facing, the EV maker revealed that it had already produced roughly 5,000 electric cars. It includes not only its all-electric pickup truck and SUV. It is also joined by the delivery van that the auto firm is working on for Amazon.
Rivian Stock Price Plummets
Apart from the $1 billion net loss that Rivian is enduring, the stock price of the automaker also dipped dramatically this week.
It comes after one of its biggest investors, none other than the giant American carmaker Ford, announced its plan to sell at least 8% of its Rivian shares. After which, the stock price of the EV maker plummeted significantly, according to a recent report by CNBC.
However, it is interesting to point out that Rivian has already lost about a staggering 78% of its stock price since the start of the year.
On top of everything, Rivian is also currently facing supply issues that other carmakers are also experiencing.
However, the CEO of Rivian, RJ Scaringe, earlier predicted that the end of the supply mess is nearing, saying that "we believe we've seen really the worst of it."
Related Article : Rivian to Reorganize its Production for Faster Output, But Some Users Will Have to Wait Longer
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Written by Teejay Boris
