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Rivian is sticking to its goal of delivering 25,000 electric vehicles by the end of the year, but it will now burn an additional $700 million to get there.
The automaker set revised guidance in its second-quarter earnings report, telling investors it expects to lose a higher $5.45 billion in 2022, compared with an estimate of $4.75 billion it shared three months ago. Rivian blamed the hike on several factors, including “supply chain challenges” and “raw material inflation.”
In Q2, Rivian lost $1.71 billion and delivered 4,467 vehicles. Those vehicles include the automaker’s SUV and truck, as well as the delivery vans it builds for Amazon. (In total, Rivian delivered 5,694 vehicles during the half year.)
Still, Rivian beat analysts’ previous estimates on revenue, bringing in $364 million in Q2 (or about $26 million more than analysts were expecting, according to Yahoo Finance). Demand for the EV firm’s SUVs and trucks also continued to climb. Rivian told investors that its pre-order backlog reached 98,000 at the end of June.
The company also announced the addition of former Bosch and Daimler exec Harald Kroeger to its board.
Over the past few months, Rivian has created some comfortable distance from its 52-week low of $19.25 per share. That fall came in May, when Ford dumped millions of Rivian shares. Today, the young-ish EV maker ended regular trading at $38.95 per share, or up 4%.
Rivian last month began laying off 6 percent of its workforce as part of a restructuring plan prompted by a volatile and challenging economic environment, where inflation has peaked, interest rates have risen and commodity prices have continued to soar.
The manufacturing operations team operating the Normal, Illinois, plant was not affected by the layoffs.
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