In the company’s third quarter 2022 financial statements, Rivian generated revenue of $536 million and posted a net loss of $1.72 billion.
The loss was nearly half a billion dollars higher than in the previous year’s quarter ($1.23 billion/1.18 billion euros) and almost on par with the second quarter of 2022.
Rivian from July to September produced 7,363 vehicles and was able to deliver 6,584 of them. This production increased by 67 percent compared to Q2.
To meet production targets, Rivian recently added a second shift at its Illinois plant. Pre-orders for the Rivian R1 in the US and Canada totaled more than 114,000 as of November 7.
To save costs, finished vehicles have been transported by rail instead of by truck.
Higher production is also expected to contribute to a better cost structure. “While we are producing low-volume vehicles on production lines designed for higher volumes, we have and will continue to experience negative gross profit in terms of labor, depreciation and overhead costs,” the annual report said. “This dynamic will continue in the near term and is impacted by our ongoing second shift production increase but as we have experienced we expect this to increase on a per vehicle basis as production volumes increase faster than labor and overhead costs in the future. increase.”