Salem Radio Network News Friday, December 9, 2022


EV maker Rivian beats revenue estimate, expects wider operating loss

(Reuters) -Electric-vehicle maker Rivian Automotive Inc on Thursday forecast a wider operating loss for the year, but shares rose 4% in after-hours trade as the company beat quarterly revenue estimates.

Rivian said it now expects to post an adjusted loss before interest, taxes, depreciation and amortization of $5.45 billion, compared with a previously projected loss of $4.75 billion.

Still, Rivian built fewer than 7,000 vehicles in the first half, but reaffirmed its full-year target of 25,000.

The Irvine, California-based company said it plans to add a shift to its Normal, Illinois, assembly plant by the end of the third quarter, but also noted that it expects higher raw material costs and other supply-chain challenges to continue.

In the second quarter ended June 30, the EV maker delivered 4,467 vehicles, up from 1,227 in the previous three months.

At the end of June, Rivian said it had unsold inventory worth $655 million.

The company said it has received about 98,000 unfilled pre-orders for its R1S SUV and R1T pickup truck.

Revenue was $364 million in the second quarter, compared with the $337.5 million expected by analysts, according to IBES data from Refinitiv.

Net loss widened to $1.71 billion, from $580 million a year earlier.

(Reporting by Akash Sriram in Bengaluru and Paul Lienert in DetroitEditing by Aditya Soni and Matthew Lewis)


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