According to foreign media reports, electric car manufacturer Rivian said that due to the overall transformation of its plant in Normal, Illinois, its net loss expanded to $1.
45 billion in the first quarter of this year, while revenue almost doubled compared with the same period last year to $1.
2 billion.
Rivian reported a net loss of 7% in the first quarter compared with the same period last year, while revenue surged from $661 million to $1.
2 billion.
In addition, the company reiterated its production target of 57000 vehicles this year.
The electric car start-up runs a factory in Normore that produces models including R1T pickups, R1s crossovers and distribution vans designed for Amazon.
Rivian is also looking for new customers for its commercial vans.
Rivian,Rivian said delivery surged 71% to 13588 vehicles in the first quarter compared with the same period last year, and production increased 48% to 13588 vehicles.
Earlier this year, the California-based company cut the price of its R1 consumer model and stepped up incentives through rental deals and cash incentives for gasoline cars.
Rivian plans to start producing smaller, cheaper R2 crossovers at the Normore plant in 2026.
The company’s three-seat R1S currently on sale starts at $76700 (including freight).
Rivian said when it showed R2 in March that the car would start at about $45000 (excluding freight).
In an earnings call in the first quarter, Rivian CEO RJ Scaringe said the company had successfully revamped its plant with new robots and new parts suppliers to reduce costs and increase production speed.
Rivian has also redesigned some parts of the R1 model to make it easier to manufacture and cheaper.
The Rivian plant was closed for most of April in order to renovate the plant.
At the earnings call, a Wall Street analyst asked Scaringe about speculation that Apple might be interested in some kind of cooperation with Rivian, but the latter declined to comment.
Currently, Rivian cars do not support Apple’s CarPlay, which allows customers to mirror iPhone apps to the car’s infotainment screen.
Scaringe said that with the completion of the retrofit of the R1 model, Rivian will pay close attention to the new low-cost platform, which will be used in R2 and another crossover R3, with an unknown release date.
When asked by an analyst whether R2’s release date would be ahead of schedule, Scaringe said the company’s schedule was to ensure that the product was ready for release and that it was of the quality expected by Rivian customers.
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