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Rivian will delay its next-generation vary of ‘R2’ automobiles till 2026, a yr later than beforehand deliberate.
The electrical automotive producer made the announcement through the launch of its third-quarter outcomes. Within the July-September interval, Rivian delivered some 7,363 automobiles, a rise from the 4,467 automobiles that it delivered within the earlier quarter. The EV maker produced roughly 14,000 automobiles within the first 9 months of 2022 and confirmed that it’s including a second shift to its plant in Regular, Illinois.
Rivian’s quarterly income fell barely in need of analyst expectations at $536 million whereas its quarterly web loss elevated from $1.23 billion in Q3 final yr to $1.72 billion this yr. Nevertheless, capital bills fell dramatically from $467 million in Q3 2021 to $298 million final quarter, partly as a result of the corporate is delaying some spending till 2023 whereas persevering with to preserve money.
Learn: Optima’s Overlanding Rivian R1T And R1S Come With Trailers That Recharge The EVs
Rivian ended the quarter with $13.8 billion in money, lower than the $14.9 billion it had on the finish of the second quarter. In an SEC submitting, Rivian mentioned it’s “assured in our capability to fund operations with money readily available by 2025.”
Whereas the corporate has huge reserves of money, CFRA Analysis analyst Garrett Nelson informed Reuters that Rivian nonetheless has a protracted approach to go earlier than it could possibly develop into worthwhile.
“Whereas we expect Rivian’s steadiness sheet is in higher form than most different upstart EV producers from a liquidity standpoint, the corporate is way from reaching the size wanted to drive down its unit prices and transfer nearer to profitability.”
Particulars about Rivian’s deliberate R2 platform are restricted however it’s designed for smaller and extra reasonably priced automobiles than the present R1T and R1S. It’s going to underpin each pickup vans and SUVs which will probably be manufactured on the firm’s deliberate $5 billion manufacturing unit in Georgia.
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