Rivian, the electric vehicle manufacturer, recently published its Q4 2022 and full-year financial results and the company is continuing to incur losses at a rapid pace. However, the automaker is setting its expectations high for 2023, with plans to produce 50,000 vehicles from its facility in Normal, Illinois.
In Q4 2022, Rivian reported a revenue of $633 million, an increase from the previous quarter's $536 million but below the expected $742 million. This resulted in a net loss of $1.723 billion for the quarter and a total net loss of $6.752 billion for the year, more than the net loss of $4.688 billion in 2021. Despite the losses, Rivian managed to keep its operating expenses stable, spending $3.733 billion in 2022 compared to $3.755 billion in 2021.
Looking ahead to 2023, Rivian anticipates facing supply chain shortages, which caused several days of lost production in the final quarter of 2022. However, the company is aiming to fare better in 2023 and is planning to release its highly-anticipated Max Pack with a 400-mile range for the R1T and R1S in the fall. Rivian will also be implementing its Enduro motor system and LFP battery packs in its commercial delivery van in the first quarter, which will drive down costs and increase performance. Additionally, the automaker will be shutting down all production lines in the first quarter to prepare for new vehicle technologies in 2024.
Shares of Rivian (RIVN) dipped 8% in after-hours trading following the release of the financial results. Despite the losses, the company remains optimistic about 2023 and is set on delivering on its ambitious plans.
#Rivian
#ElectricVehicles
#FinancialResults
#NetLoss
#SupplyChainShortages
#MaxPack
#EnduroMotor
#LFPBattery
#Shares