By TechThop Team
Posted on: 12 Aug, 2022
As Rivian continues to plan to deliver 25,000 EVs by the end of the year, it anticipates burning $700 million more to reach its target.
During the automaker's quarterly earnings report, it disclosed revised guidance for 2022, which increased from a $4.75 billion estimate three months ago to $5.45 billion.
Rivian has attributed the price increase to several factors, including difficulties in the supply chain and “raw material inflation.”
Amazon's delivery vans, along with the SUVs and trucks that the automaker builds for the company, are included in those deliveries.
A total of 4,468 vehicles were delivered by Rivian in Q2 of 2016, with a loss of $1.71 billion.
Despite that, Rivian easily exceeded analysts' expectations regarding its revenue in the second quarter, bringing in $364 million.
Additionally, the company announced that Harald Kroeger, a former Bosch, and Daimler executive, will be joining its board of directors.
Rivian reported a backlog of 98,000 preorders at the end of June, indicating strong demand for its SUVs and trucks.
During the past few months, Rivian has managed to gain some distance from its 52-week low of $19.25 per share, which it reached back in September.
The slump was brought on by Ford's sale of millions of Rivian shares in May. Stocks of the young EV maker closed at $38.95 today, up 4% from yesterday.
With inflation at record highs, interest rates rising, and commodity prices as high as they have been in years, Rivian laid off 6% of its workforce as part of a restructuring plan.
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