Rivian confirms first deliveries of R1S electric SUVs, lost $ 1.2 billion in last quarter

Rivian released his first earnings report since going public and revealed a lot of interesting new information in the process, including the fact that he started deliveries of the R1S electric SUV.

In November, Rivian went public with an IPO on NASDAQ. In the process, the electric automaker has raised $ 13 billion to accelerate its plans to produce electric vehicles.

At the same time, it also gives more information about the company as it is required to publish quarterly reports.

Today, Rivian released its first earnings report for the third quarter ending September 30.

As for the financials, Rivian revealed that she made $ 1 million in revenue by delivering her first electric R1T pickup trucks, but lost $ 82 million making them.

This is to be expected at the start of production of a new vehicle.

As the quarter ended just after Rivian deliveries began, the company took stock of the current progress and confirmed that it had delivered 652 vehicles as of December 15.

Of these vehicles, two were R1S SUVs delivered this week. These were the first deliveries of Rivian’s SUV, but they were destined for CEO RJ Scaring and CFO Claire McDonough.

Customer deliveries of the Rivian R1S have not yet started.

At the end of the quarter, Rivian had $ 8 billion in the bank, but that was before the IPO, so it’s safe to say the company currently has a ton of cash.

But Rivian is also burning it down quickly with a net loss of $ 1.2 billion this quarter:

Now the goal is to increase production in order to achieve a positive gross margin before it burns too much cash.

Production is not going as well as the company had predicted, with Rivian now guiding a shortage of “a few hundred” vehicles out of its 1,200 vehicles expected to be produced in 2021.

On the demand side, things are going well.

Rivian revealed that he had gone from 48,000 bookings at the end of September to 71,000 bookings as of December 15:

“At the end of our third quarter (September 30, 2021), we had approximately 48,000 R1 pre-orders from customers across the United States and Canada. Since then, we have seen accelerated growth in the number of daily pre-orders due to media attention and the positive consumer and media experience with our R1 vehicles. As of December 15, 2021, we had approximately 71,000 R1 pre-orders. “

That might not seem like much compared to Ford’s 200,000 reservations for the F150 Lightning and Tesla’s over one million reservations for the Cybertruck, but it’s apples and oranges.

Rivian is demanding a much higher deposit, which shows a greater commitment to an order, and he is currently delivering vehicles at this time.

The company is also making progress in terms of services, which is crucial to develop deliveries:

“By the end of December, we plan to have more than 60 mobile service vans in service and 8 service centers, which will be fully equipped to meet the majority of the service needs of our residential and commercial customers. These service centers include locations in California, Colorado, Illinois, New York, Utah, and Washington. We also recently launched our Service Support Center, which gives customers peace of mind with 24/7 emergency roadside assistance, towing, remote assistance and diagnostics.

Here is the full letter from Rivian shareholders with more details:

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