Rivian confirms first R1S electric SUV deliveries, lost $1.2B last qtr

Rivian confirms first R1S electric SUV deliveries, lost $1.2 billion last quarter

Electrek.co by Fred Lambert

[{"selector":"#anim-c611e1e3-6a89-4a34-9dfb-6a4532b88ffb","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Rivian has released its first earnings report since going public and revealed a lot of interesting new information in the process, including that it started deliveries of the R1S electric SUV.

[{"selector":"#anim-2a60abff-cad6-4089-88ab-ca5778b1fb7c","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] In November, Rivian went public with an IPO on the NASDAQ. In the process, the electric automaker raised an incredible $13 billion to accelerate its plans to produce electric vehicles.

[{"selector":"#anim-10b10d5c-d078-4002-9789-7a73fd88b288","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] At the same time, it is also giving more insights into the company as it is required to release quarterly reports.

Rivian released its first earnings report for the third quarter ending September 30.

[{"selector":"#anim-2e21dee1-4711-41fb-b0ab-76efbdea9f5b","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-f0102fb6-5b98-4fb4-8ba9-ec4834e3ddba","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] When it comes to the financials, Rivian disclosed that it generated $1 million in revenue from delivering its first few R1T electric pickup trucks, but it lost $82 million making them.

That’s to be expected early in the production of a new vehicle.

[{"selector":"#anim-337cfdb4-9fad-4088-9adf-847e5d20cdd1","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-1e02cec5-90b6-46a9-bbc1-d4b4b14e48ac","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Since the quarter ended right after Rivian started deliveries, the company gave an update on the current progression and confirmed that it had delivered 652 vehicles as of December 15.

[{"selector":"#anim-11d95e6f-ca60-49f4-9b44-5e689917e364","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Of those vehicles, two were R1S SUVs delivered this week. Those were the first deliveries of the Rivian’s SUV, but they were to CEO RJ Scaring and CFO Claire McDonough.

[{"selector":"#anim-d8eddb25-156f-4bd6-ac90-20df5fe765da","keyframes":{"opacity":[0,1]},"delay":500,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Learn more about Rivian's first R1S electric SUV deliveries and read Rivian’s full shareholders letter with more details at Electrek.co.