Rivian CEO RJ Scaringe mentioned on a decision with buyers that all through “a lot” of the second one quarter they weren’t in a position to totally make the most of their manufacturing line.
“We weren’t even able to run a full single shift because of component supply,” Scaringe mentioned.
The hefty losses are in step with Rivian’s expectancies for the yr. It mentioned the losses stemmed from its funding in other folks, generation and car techniques.
Rivian produced 4,401 automobiles in the second one quarter and delivered 4,467 automobiles, and its manufacturing greater 72% from the primary quarter of the yr, when it produced 2,553 automobiles. The automaker plans to supply 25,000 gadgets this yr. Rivian’s inventory fell 2% in after-hours buying and selling.
The automaker nonetheless has greater than $15 billion in money to finance its operations, which it says can be sufficient to finance its upcoming Georgia production plant and a brand new car platform, dubbed R2.
The corporate additionally mentioned that its supply automobiles have carried greater than 430,000 programs for Amazon since early 2021.