American electric vehicle startup Rivian posted a net loss of $1.71 billion in the second quarter of 2022.
The loss tripled from $580 million in the same period last year and $120 million in the first quarter of 2022. Rivian's revenue for April and June was $364 million.
Rivian produced 4,401 vehicles and delivered 4,467 vehicles in the second quarter, compared to 2,553 produced and 1,227 delivered in the first quarter. The supply chain remains the limiting factor, Rivian says, but progress is being made through close partnerships with suppliers. With $364 million in sales and 4,467 vehicles delivered, each Rivian delivered costs an average of $81,486.
The company is sticking to its goal of reaching production of 25,000 vehicles in 2022 overall. An important factor here is that Rivian plans to introduce a second shift for car assembly towards the end of the third quarter. In the fourth quarter, two-shift production will need to increase significantly if 25,000 units are yet to be reached.
Further scaling will be needed in 2023 if Rivian doesn't want to make its customers wait several years: pre-orders as of June 30, 2022 were around 98,000 vehicles.
However, the company also hit a milestone in the second quarter: A major customer and shareholder of Amazon, who famously ordered 100,000 electric delivery vehicles from Rivian, now uses EDV (Electric Delivery Vehicle) regularly. So far, more than 430,000 parcels have already been delivered by Rivian vehicles, the company said in its quarterly report. The larger version is called the EDV700, and the smaller version, the EDV500, has begun production testing with Amazon.