Rivian has just released its financial statements for the second quarter of 2022. In the second quarter, Rivian posted revenue of $364 million with a net loss of $1.71 billion, from $580 million a year earlier.
Rivian’s capital expenditures in the second quarter of this year fell to $359 million, from $431 million over the same period last year, when the company was preparing its assembly plant in Illinois to start production.
Rivian spent $1.2 billion in the second quarter of the year holding $14.9 billion in cash as of June 30, of which $5 billion will be allocated to open a second US assembly plant in Georgia by 2025.
Rivian said it had postponed several programs until 2023 and implemented cost-cutting measures to realign spending priorities.
Rivian has received a total of 98,000 pre-orders from the United States and Canada for the R1T electric pickup and R1S electric SUV. Apart from that, the company also has an initial order for 100,000 electric delivery vans from Amazon.
Rivian CEO RJ Scaringe said the R1T electric pickup and R1S electric SUV are unlikely to benefit from tax incentives in the new Inflation Reduction Act bill passed by the US Senate. However, Rivian can qualify for subsidies of up to $40,000 per vehicle for electric delivery vans from Amazon.
Rivian is targeting to introduce the R2 line of consumer vehicles by 2025 which is expected to qualify for the tax credit because it has a domestic battery supply chain.
Amazon is starting to deliver packages with Rivian’s custom-made electric vans
