Shares were also up by 4% in after-hours trades, and the company said it was still on track to meet a 50,000 vehicle production target for 2023, following the reports.
Here’s how the firm did as per the uniformity analyst forecast by Refinitiv:
- Loss per share: $1.25 adjusted vs. $1.59 expected.
- Revenue: $661 million vs. $652.1 million expected.
However, during the previous year’s period, Rivian’s net loss declined to $1.35 billion ($1.45 per share), from $1.59 billion ($1.77 per share).
Besides, the total revenue magnified year over year from $95 million, according to the firm.
As of March 31, the EV maker had $11.8 billion in cash remaining, which was down from $12.1 billion at the end of 2022. However, the capital expenditures for the first quarter are estimated at $283 million, versus $418 million in the previous year.
Additionally, Rivian has been working to deduct its spending over the last several months in a bid to preserve cash.
“We would also cut 6% of our workforce, or about 900 employees,” the company said on February 1, 2023.
RJ Scaringe, CEO of Rivian Automotive, said in an earnings release on Tuesday that “Our core priorities for 2023 are unchanged.”
“The team remains focused on ramping production, driving cost reductions, developing the [upcoming smaller] R2 platform and future technologies, and delivering an outstanding end-to-end customer experience,” Scaringe said.
Rivian just announced on April 3 that it constructed 9,395 EVs in the first quarter and delivered 7,946 vehicles to customers. However, both numbers were down from the fourth quarter, a result of a planned factory downturn as the firm upgraded moulding lines to combine its new made-in-house “Enduro” electric motors with lower-cost lithium iron phosphate battery packs.
Claire McDonough, Chief Financial Officer at the firm, stressed that the new batteries and motors are “critical to achieve our long-term target cost structure across current vehicle platforms, as well as R2.”
Rivian’s R2 platform, which is now in the development stage, will strengthen a series of smaller vehicles priced below the R1T pickup’s current $73,000 starting price. However, it is currently anticipated to be launched in 2026.
Furthermore, Rivian revealed that it is on track to meet its annual production goal of 50,000 vehicles, which is expected to be about twice as many as it produced in 2022, with total capital disbursements of around $2 billion for the year.
Ultimately, the firm is constructing the R1T pickup currently, whereas the R1S SUV and other series of electric delivery vans are being constructed for Amazon at its warehouse in Normal, Illinois.
- Published By Team Genuine Reporter