Recently, Rivian announced that in the third quarter of this year (July to September), the company delivered 10,018 vehicles, with total revenue of US$874 million, far below the average forecast of analysts (US$989.
6 million), revenue fell by 34.
6% year-on-year, the first decline since its listing three years ago.
gross profit was negative US$392 million, narrowed compared with a loss of US$477 million in the same period last year.
The net loss was US$1.
1 billion, which was also lower than US$1.
367 billion in the same period last year.
the adjusted loss before interest, tax, depreciation and amortization was US$757 million, which was also a decrease from a loss of US$902 million in the same period last year.
, Rivian production was interrupted in the third quarter due to a severe shortage of a metal component used in its car drive units, and the company’s only manufacturing plant in Nomer, Illinois was suspended for three weeks.
Rivian CEO RJ Scaringe said,”We are unable to produce all the planned products (combinations), which affects Rivian’s market demand and revenue.
” Lower production in the third quarter also forced the company to cut its full-year production forecast from 57,000 to between “47,000 and 49,000”, but Rivian CEO RJ Scaringe said the shortage of auto parts would not affect Rivian’s production next year.
In addition, the company still maintains its full-year delivery forecast for 2024 at between “50,500 and 52,000” vehicles.
, Rivian also said that despite shortages of auto parts that disrupt production and weak demand for electric vehicles, the company is still on track to achieve positive gross profits in the fourth quarter, helped by cost cuts and a significant increase in credit point sales of environmentally friendly vehicles.
At the same time, the company expects to achieve positive gross profit for the whole year in 2025.
Rivian also expects its regulatory point sales to reach approximately $300 million this year and next, a significant increase from $73 million in the same period last year.
These positive forecasts help allay investors ‘concerns., R1T. Photo source: Rivian, Rivian is currently cutting costs by renegotiating contracts with auto parts suppliers and improving manufacturing processes.
For Rivian and his peers, reducing costs is crucial because consumers are opting for lower-priced gasoline-electric hybrid vehicles rather than purely electric vehicles in the face of high borrowing costs.
, Rivian’s share price rose nearly 2% in after-hours trading after the earnings report was released.
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