Net loss of $1.59 billion in the first quarter, can the story of “Tesla second” Rivian continue?

On May 12, according to foreign media reports, Rivian, an American electric vehicle manufacturer that started delivering electric pickups before Tesla, released its first-quarter earnings report on Wednesday, local time. Like the previous quarter, their revenue for the quarter was the same as the previous quarter. The chain has increased significantly, but there is still a high loss.

Judging from the financial report, Rivian’s revenue in the first quarter of this year was $95 million, operating expenses were $1.077 billion, of which R&D expenses were $547 million, sales, general and administrative expenses were $530 million, and an operating loss was $1.579 billion.Net loss of $1.593 billion, or $1.77 per diluted share.

The financial report for the first quarter of this year is the third financial report released by Rivian since its listing. Compared with the previous two quarters, their revenue has increased significantly. In the third quarter of last year, Rivian had revenue of $1 million, which rose to $54 million the following quarter.

In terms of losses,Rivian’s $1.579 billion in the first quarter of this year has narrowed from the previous quarter. Two previous financial reports showed that Rivian had a net loss of $1.233 billion in the third quarter of last year, which increased to $2.461 billion in the fourth quarter.

Although still losing money, Rivian disclosed in the financial report that they still have sufficient cash reserves. The financial report shows that at the end of the first quarter of this year,They still have $16.432 billion in cash and cash equivalents.

In a letter to investors, Rivian said they had produced 5,000 EVs as of May 9, with more than 90,000 R1T series EVs on order in the U.S. and Canada, and the planned annual capacity of their two plants. It is 600,000 units, and the production target for this year is 25,000 units.

Hashtag: Rivian electric vehicle new energy vehicle