Rivian (RIVN) Q3 2022 revenue

Rivian electric pickup trucks sit in a parking lot at a Rivian service center on May 9, 2022 in South San Francisco, California.

Justin Sullivan | Getty Images

Electric vehicle maker Rivian Automotive on Wednesday reaffirmed its 2022 production target of 25,000 vehicles, but said it planned to spend less to achieve it as the company reported third-quarter sales below Wall Street expectations.

Rivian has cut its forecast for 2022 capital expenditures: it now expects its full-year capital expenditures to total approximately $1.75 billion, down from the $2 billion that it had planned after the second quarter, while it postpones certain planned expenses to next year.

The company still expects its adjusted loss for the full year before income, taxes and amortization to be $5.4 billion, in line with the forecast it gave in August.

Shares of the company rose 7% in after-hours trading.

Here are the key numbers from Rivian’s third quarter earnings report, compared to average Wall Street analyst expectations, as met by Refinitiv:

  • Revenue: $536 million, versus $551.6 million expected.
  • Adjusted loss per share: $1.57, versus an expected loss of $1.82 per share.

Rivian’s net loss for the third quarter was about $1.72 billion, a larger loss than the $1.23 billion reported a year earlier.

As of September 30, the company had approximately $13.8 billion in cash, compared to $15.5 billion as of June 30. Rivian said that while inflation has been a factor in its supply chain, it is taking steps to cut costs and slow spending on future products. He reiterated that he is “confident” his cash hoard will last until 2025.

As part of its moves to slow spending, the company now plans to launch its next smaller product platform, called R2, in 2026 rather than 2025 as it previously announced. The R2 will be built at a new facility in Georgia.

Rivian said it now has “over 114,000” pre-orders for its R1-series trucks and SUVs, up from about 98,000 pre-orders as of Aug. 11. These totals do not include the 100,000 electric delivery vans ordered by Amazon in 2020.

Rivian said it added a second shift of workers at its Illinois plant, a key step toward increasing production volumes. He noted the new workers are still online – but said the second shift was already producing vehicles.

Rivian said Oct. 3 that it produced 7,363 vehicles in the third quarter and delivered 6,584 vehicles to customers during the period. Year-to-date through the third quarter, Rivian produced 14,317 vehicles.

The automaker also said Wednesday that with increased production volumes, it has decided to ship its vehicles by rail rather than truck. This change has reduced costs, but it also means that new vehicles can take longer to reach customers after production. Because of this lag, Rivian said, the discrepancy between its quarterly production and delivery totals could increase in the future.

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