The electric car maker Rivian believes it can still produce and deliver 25,000 electric vehicles (EV) by the end of the year. But in the process of doing so, the company expects to mount a substantially more significant loss.
As part of its second-quarter report, Rivian adjusted its loss estimates from three months ago. Instead of $4.75 billion, it now expects to lose 700 million more, with the total figure standing at $5.45 billion. The company lost $1.71 billion in Q2 alone.
Informing the shareholders about adjusted loss estimates, Rivian “supply chain challenges” and “raw material inflation.”
On the other hand, the rest of the Q2 numbers were quite encouraging. Rivian beat the Wall Street estimate by raking up $364 million in revenue versus the $337.5 million expected. It also had an adjusted loss per share of $1.62 compared to an expected $1.63.
Another positive thing for Rivian is the increased interest in EVs that have the orders pouring in for the company’s products. Its R1-Series truck and R1S SUV currently have 98,000 preorders. The company delivered 5,694 vehicles this year.
Rivian stock (RIVN) has been down 2.70 percent in after hours trading, sliding to $37.90 per share. The company’s shares have been down more than 60 percent year to date.