Rivian reportedly lost more than $1 billion in the first three months of 2022, but the EV manufacturer, financed by Ford and Amazon, has already produced more than 1,000 electric vehicles in the first three months of the year.
According to The Verge, the EV Company Rivian admitted to a net loss of more than a billion dollars in the first quarter of the year, slashing $1.59 billion.
During its first-quarter earnings report, the Ford and Amazon-backed manufacturer announced its deficit, showing the sad reality that it lost large amounts of money early in 2022.
During its financial report, Rivian also stated that it had already sold over a thousand EVs to its clients in the previous three months, exceeding its overall deliveries from last year or in 2021.
Rivian EV Shipping
The EV manufacturer claimed that it has already delivered 1,227 electric vehicles in the first quarter of the year. As a result, Rivian has already delivered 2,148 vehicles to its customers.
It should be noted that the aforementioned figures are still far from the blockbuster reservations for both its R1T and R1S EVs, which have already surpassed 90,000 units.
It is a big increase from the 83,000 pre-orders received in March of last year.
Despite the tremendous backlog that Rivian is now suffering, the EV manufacturer disclosed that it had already produced approximately 5,000 electric vehicles. It does not only include its all-electric pickup truck and SUV.
It is accompanied by the delivery van that the automaker is developing for Amazon.
Rivian’s stock price dropped dramatically
Apart from the $1 billion net loss that Rivian is experiencing, the automaker’s stock price has dropped drastically this week.
It comes after one of its largest investors, none other than Ford, the world’s largest automaker, and announced plans to sell at least 8% of its Rivian stock.
According to a recent report by CNBC, the EV maker’s stock price dropped dramatically after that. However, it’s worth noting that Rivian’s stock price has dropped by about 78% since the beginning of the year.
To read our blog on “2020 Rivian R1S SUV – Interior, Exterior & Driving,” click here
