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Electrical automobile maker Rivian affirmed Wednesday that the corporate is on observe to hit its annual manufacturing goal of 25,000 automobiles regardless of unpredictable provide chain crunches and part shortages.
The startup-turned-public firm remained dedicated to its manufacturing aim, at the same time as industry-wide challenges, provide chain snarls and macroeconomic forces conspired to maintain automakers from satisfying a powerful client urge for food for automobiles, vans and SUVs.
Rivian reported that its third-quarter manufacturing rose 67% over the identical interval a yr in the past, for a complete rely of 15,000 automobiles, together with the automaker’s truck, SUV and Amazon supply vans, by September 30. Throughout the quarter, the corporate produced 7,363 automobiles, boosted by the addition of a second shift at its Regular, Illinois, manufacturing unit. It delivered 6,584 of them — a major bounce from the 4,467 automobiles Rivian delivered within the second quarter of the yr.
Like different automakers, and particularly different startups, Rivian has struggled this yr, with founder and CEO RJ Scaringe compelled in July to put off 6% of its workforce, or roughly 900 staff.
For the third quarter, Rivian reported a web lack of $1.72 billion on income of $536 million. That compares with a web lack of $1.23 billion on income of $1 million the identical interval a yr in the past.
In October, Rivian was compelled to recall practically all of its automobiles to repair a steering defect. In the meantime, the corporate is gearing up for long-term provide chain constraints it foresees within the battery provide chain. The {industry}’s ongoing semiconductor chip scarcity is “an appetizer to the diploma of the kind of provide chain constraint we’re more likely to see throughout the battery provide chain over the subsequent 15 years,” Scaringe stated from the TechCrunch Disrupt convention stage later within the month.
Nonetheless, the demand for Rivian’s automobiles stays, with greater than 114,000 preorders within the U.S. and Canada as of Monday. That’s on prime of Amazon’s preliminary order of 100,000 electrical vans.
Rivian pointed to a number of segments the place it sees potential development, together with the 2026 launch of its next-generation R2 EV platform, a partnership with Mercedes-Benz to construct electrical vans at scale and the hiring of former Waymo and Zoox govt James Philbin to steer Rivian’s efforts in AI and automatic driving know-how.
The near-term financial challenges are placing pressue on EV makers of all sizes. British electrical automobile startup Arrival, which restructured its enterprise amid a money crunch and pivoted to develop business vans for the U.S. as a substitute of Europe, stated Tuesday it doesn’t count on to earn income till after 2023.
Additionally on Tuesday, Lucid Motors reported a web lack of $530 million for the third quarter, on $195.5 million in income. The startup confirmed it’s on observe to construct between 6,000 and seven,000 of its Lucid Air luxurious sedans in 2022, down from an preliminary goal of 20,000.
Tesla practically doubled its third-quarter earnings, to $3.3 billion in contrast with the identical year-ago interval, however stated manufacturing stays hamstrung by provide. The record-setting $21.45 billion income Tesla reported for the quarter nonetheless fell beneath analyst expectations.
Rivian, Tesla and the others additionally face competitors from sturdy legacy automakers that proceed to launch electrical vans and SUVs, such because the Volvo EX90 revealed Wednesday morning, on their quest to go absolutely electrical by the top of the last decade.
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