Rivian says it delivered nearly 1,000 electric trucks in 2021

Rivian, the buzzy electrical car firm backed by Ford and Amazon, delivered 909 automobiles to prospects within the fourth quarter of 2021, the corporate stated in its second earnings report since its historic IPO final 12 months. The corporate says it has delivered a complete of 920 automobiles in 2021.

Rivian stated it introduced in $55 million in income over the course of the 12 months, nearly all of which within the final three months. It recorded a internet lack of $2.5 billion within the fourth quarter and a internet lack of $4.5 billion for the 12 months.

With provide chains constrained and the worldwide chip scarcity persevering with to batter the auto trade, Rivian is sustaining a modest manufacturing schedule for 2022. In a shareholder letter, the corporate stated it expects to supply solely 25,000 car over the course of the 12 months, together with its R1T truck and its electrical supply vans for Amazon. With out provide chain issues, the corporate stated it could be capable of make 50,000 automobiles.

“We’re little question experiencing one of the vital difficult provide chain environments the automotive trade has ever seen,” Rivian CEO RJ Scaringe stated in an earnings name.

The earnings report follows a tough week for Rivian, which needed to stroll again a deliberate worth enhance for its electrical R1T truck and R1S SUV after a buyer backlash. Individuals who put down $1,000 to order one of many automobiles had 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. In the meantime, 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 increase near $14 billion, and regardless of solely transport a small handful of vehicles since manufacturing began, the corporate’s inventory market worth was almost double that of Ford’s.

Rivian’s means to make automobiles at scale remains to be unproven; it has solely simply began making and delivering the R1T and remains to be getting ready its R1S SUV and an electrical supply van for mass manufacturing. Although Rivian remains to be value about $55 billion, its inventory has fallen by almost two-thirds from its peak and is effectively beneath its IPO worth.

Rivian began transport the R1T late final 12 months, incomes the excellence of being the primary firm to ship an electrical truck to prospects. Many of the preliminary deliveries had been to workers, although a number of have gone to some precise prospects. The remainder of the auto trade remains to be scrambling to get its personal plug-in pickup vehicles into manufacturing. (GMC additionally began preliminary deliveries of the Hummer EV late final 12 months.)

Rivian can also be collaborating with Amazon on an electrical supply van. The e-commerce big stated it could order as much as 100,000 vans by means of 2024, a part of the hassle to decarbonize its logistics fleet. Amazon lately confirmed it owns some 20 % of Rivian after taking part in a number of funding rounds earlier than the IPO.

Within the shareholder letter, Rivian stated it offered its first electrical supply van to Amazon within the fourth quarter of 2021. The manufacturing ramp for the van has gone “smoother” than for the R1T truck, the corporate stated.

Rivian isn’t the one EV newcomer to really feel rising pains. Lucid Motors slashed its manufacturing expectations to 12,000-14,000 automobiles from the unique prediction of 20,000 automobiles.

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