Rivian Lost $2.4 Billion Last Quarter And Delivered 909 Vehicles
Rivian has just posted its financial results for Q4 of 2021, announcing $54 million in revenue but a net loss of $2.46 billion.
In its first quarter as a publicly-traded company, Rivian delivered 909 vehicles and for the full fiscal year of 2021, delivered 920 vehicles. The electric car manufacturer had intended on handing over 1,200 vehicles to customers throughout 2021 but fell a few hundred short of that goal. This year, it expects to produce 25,000 vehicles.
Total operating expenses for Q4 2021 swelled to $2.07 billion compared to $353 million in Q4 of the previous year. Operating expenses topped out at $3.755 billion for all of 2021, also a significant increase from the $1.02 billion in 2020. Rivian’s research and development expenses also swelled to $726 million in the fourth quarter “from both efforts related to our R1 vehicle and EDV programs as well as important investments related to other advanced product-development activities,” the company said.
Rivian ended the fourth quarter with $18.42 billion in cash, cash equivalents, and restricted cash.
Throughout 2022, the electric vehicle startup will ramp up production of the R1T and R1S, as well as its electric Amazon van but not it will feel the impact of supply chain shortages.
“We believe that throughout 2022, the supply chain will be a fundamental limiting factor in our total output for the Normal Factory and that our manufacturing equipment and processes would have the ability to produce enough vehicles to deliver over 50,000 vehicles across our R1 and RCV platforms in 2022 if we were not constrained by our supply chain,” Rivian’s financial report reads.
Rivian also expects its capital expenditures to rise to $2.6 billion, in part due to plans to expand its Normal, Illinois factory so it has the capacity to build 200,000 vehicles annually.