Rivian, the buzzy electric car firm backed by Ford and Amazon, delivered 909 autos to clients in the fourth quarter of 2021, the corporate mentioned in its second earnings report since its historic IPO final yr. The firm says it has delivered a complete of 920 autos in 2021.
Rivian mentioned it introduced in $55 million in income over the course of the yr, nearly all of which in the final three months. It recorded a web lack of $2.5 billion in the fourth quarter and a web lack of $4.5 billion for the yr.
With provide chains constrained and the worldwide chip scarcity persevering with to batter the auto business, Rivian is sustaining a modest manufacturing schedule for 2022. In a shareholder letter, the corporate mentioned it expects to supply solely 25,000 car over the course of the yr, together with its R1T truck and its electric supply vans for Amazon. Without provide chain issues, the corporate mentioned it would have the ability to make 50,000 autos.
“We are no doubt experiencing one of the most challenging supply chain environments the automotive industry has ever seen,” Rivian CEO RJ Scaringe mentioned in an earnings name.
The earnings report follows a tough week for Rivian, which needed to walk back a planned price increase for its electric R1T truck and R1S SUV after a buyer backlash. People who put down $1,000 to order one of many autos have been incensed upon studying the unique worth quote had gone up by as a lot as $20,000. After an uproar, Rivian CEO RJ Scaringe issued a public apology. Meanwhile, the corporate’s share worth fell over 25 %.
It was a noticeable drop, given the corporate’s high-flying standing over the previous six months. Rivian’s IPO helped elevate near $14 billion, and regardless of solely transport a small handful of trucks since manufacturing began, the corporate’s inventory market worth was nearly double that of Ford’s.
Rivian’s means to make autos at scale continues to be unproven; it has solely simply began making and delivering the R1T and continues to be getting ready its R1S SUV and an electric supply van for mass manufacturing. Though Rivian continues to be price about $55 billion, its inventory has fallen by nearly two-thirds from its peak and is effectively under its IPO worth.
Rivian began transport the R1T late final yr, incomes the excellence of being the primary firm to ship an electric truck to clients. Most of the preliminary deliveries have been to workers, although a couple of have gone to some precise clients. The remainder of the auto business continues to be scrambling to get its personal plug-in pickup trucks into manufacturing. (GMC additionally began preliminary deliveries of the Hummer EV late final yr.)
Rivian can also be collaborating with Amazon on an electric delivery van. The e-commerce large mentioned it would order as much as 100,000 vans by way of 2024, a part of the hassle to decarbonize its logistics fleet. Amazon recently confirmed it owns some 20 percent of Rivian after taking part in a number of funding rounds earlier than the IPO.
In the shareholder letter, Rivian mentioned it bought its first electric supply van to Amazon in the fourth quarter of 2021. The manufacturing ramp for the van has gone “smoother” than for the R1T truck, the corporate mentioned.
Rivian isn’t the one EV newcomer to really feel rising pains. Lucid Motors slashed its production expectations to 12,000-14,000 autos from the unique prediction of 20,000 autos.