For the period of January until March, Rivian’s top-line revenue was $661 million, thereby beating analysts’ estimates of $660.3 million. While slightly lower than the $663 million reported in Q4 of 2022, this revenue far outweighed the $95 million reported in the first quarter of last year.

The company reported a narrow adjusted earnings per share (EPS) loss for the quarter of $1.25, however, this still outperformed an estimated loss of $1.56 per share.

Deliveries for the quarter hit 7,946 electric vehicles, thereby topping estimates of 7,752 posted by Bloomberg. The company produced 9,395 vehicles, outpacing an estimate of 8,752 units.

Looking forward, the EV maker expects to post an adjusted EBITDA loss for the year of $4.3 billion, notably improving on the $5.2 billion EBITDA loss for 2022. The company did, however, state that it expects to achieve a gross profit for the year in 2024.

The post Rivian Beats First Quarter Revenue Estimates appeared first on theprimarymarket.com.

Reportedly, the decision will affect staff that performs manufacturing-related tasks. The company is primarily looking to increase the speed and capacity of its assembly lines, hoping to improve the sluggish production that has been plaguing the company in recent months.

When reached out to by Reuters, Rivian declined to confirm the relocations will indeed take place.

“In terms of ramping production, it’s helpful to have the manufacturing and engineering teams closer to our facilities in Normal as well as our headquarters in Irvine,” a Rivian spokesperson added.

During its rapid expansion in recent years, Rivian didn’t insist that its employees have an on-site presence while filling out the positions of need. However, the company is now determined to change the course and move away from remote working practice. The affected workers will reportedly be able to refuse relocation, in which case they will be let go with a severance package and replaced with those that have no trouble relocating.

Rivian has missed out on its goal of producing 25,000 electric cars in 2022. The company also expects to come short in 2023 compared to Wall Street estimates.

The post Rivian Relocating Staff Illinois Factory in Attempt to Ramp Up EV Production appeared first on theprimarymarket.com.

Back in 2019, Rivian pledged to sell all the electric delivery vans it produces to Amazon. However, Amazon only placed an order of 10,000 vans for 2023, which is far below the expected figure. As a result, Rivian now reportedly wants to remove the exclusivity clause, a move that would allow them to offer the vans to other companies as well.

When reached out to by The Wall Street Journal, Rivian spokeswoman reiterated their relationship with Amazon “has always been a positive one.”

“We continue to work closely together and are navigating a changing economic climate, similar to many companies,” Rivian spokeswoman added.

On the other hand, an Amazon spokeswoman told the media outlet that the company still plans to stick to their original agreement and purchase 100,000 Rivian electric delivery vans by 2030. Amazon owns a 17% stake in Rivian, making them the EV maker’s largest shareholder.

Rivian stock has been sliding since early March after the company announced a decision to sell $1.3 billion in bonds to raise capital. It traded at $13.73 per share on Monday, which is almost 21 percent down year-to-date.

The post Rivian and Amazon Renegotiating Exclusive Electric Delivery Vans Agreement appeared first on theprimarymarket.com.

Rivian’s offering will consist of “green bonds,” which offer a smaller return on investment but support sustainable and environmental-friendly projects. After the $1.3 billion in bonds is sold, the initial investors will also have a chance to buy “$200 million of the bonds for settlement after the bonds are issued.”

According to the company, the bonds come with a maturity date of March 2029. At that point, the investors will be offered a chance to turn them into Rivian shares or cash.

The capital that Rivian raises from the bonds sale will be used for “current and future green projects,” which includes the R2 family of electric cars. The project consists of smaller and cheaper models of SUVs and pickup trucks, which will be manufactured in a new plant in Georgia.

After the news was made public, Rivian stock dropped almost 10 percent in after-hours trading on Monday compared to the $17.13 per share closing price. The company’s shares lost roughly 60% of their value in the past year.

The post EV Maker Rivian Plots a $1.3 Billion Bonds Sale to Raise Capital appeared first on theprimarymarket.com.

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.

The post EV Maker Rivian Predicts $5.45 Billion Loss in 2022 appeared first on theprimarymarket.com.

Rivian delivered only 1,227 EVs in the first quarter, while the Normal facility produced just 2,553 cars. Such a low output positioned the company to struggle in reaching the 2022 goal of 25,000 produced units, although that doesn’t seem to be a concern at the moment.

“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” said Rivan in a statement.

RIVN closed at $26.86 per share on Tuesday before surging as high as 30.46 on Wednesday morning when the news was announced. This is still a significant drop compared to the $146.07 peak in November.

Rivian Automotive was founded in 2009, but it wasn’t until 2012 that the company shifted its focus to EVs. The company currently offers two models, R1T and R1S, both of which are characterized as off-road vehicles.  

The post Rivian Stock Jumps 12% After Production Improvement in Q2 appeared first on theprimarymarket.com.

For the period of January until March, Rivian’s top-line revenue was $661 million, thereby beating analysts’ estimates of $660.3 million. While slightly lower than the $663 million reported in Q4 of 2022, this revenue far outweighed the $95 million reported in the first quarter of last year.

The company reported a narrow adjusted earnings per share (EPS) loss for the quarter of $1.25, however, this still outperformed an estimated loss of $1.56 per share.

Deliveries for the quarter hit 7,946 electric vehicles, thereby topping estimates of 7,752 posted by Bloomberg. The company produced 9,395 vehicles, outpacing an estimate of 8,752 units.

Looking forward, the EV maker expects to post an adjusted EBITDA loss for the year of $4.3 billion, notably improving on the $5.2 billion EBITDA loss for 2022. The company did, however, state that it expects to achieve a gross profit for the year in 2024.

The post Rivian Beats First Quarter Revenue Estimates appeared first on theprimarymarket.com.

Reportedly, the decision will affect staff that performs manufacturing-related tasks. The company is primarily looking to increase the speed and capacity of its assembly lines, hoping to improve the sluggish production that has been plaguing the company in recent months.

When reached out to by Reuters, Rivian declined to confirm the relocations will indeed take place.

“In terms of ramping production, it’s helpful to have the manufacturing and engineering teams closer to our facilities in Normal as well as our headquarters in Irvine,” a Rivian spokesperson added.

During its rapid expansion in recent years, Rivian didn’t insist that its employees have an on-site presence while filling out the positions of need. However, the company is now determined to change the course and move away from remote working practice. The affected workers will reportedly be able to refuse relocation, in which case they will be let go with a severance package and replaced with those that have no trouble relocating.

Rivian has missed out on its goal of producing 25,000 electric cars in 2022. The company also expects to come short in 2023 compared to Wall Street estimates.

The post Rivian Relocating Staff Illinois Factory in Attempt to Ramp Up EV Production appeared first on theprimarymarket.com.

Back in 2019, Rivian pledged to sell all the electric delivery vans it produces to Amazon. However, Amazon only placed an order of 10,000 vans for 2023, which is far below the expected figure. As a result, Rivian now reportedly wants to remove the exclusivity clause, a move that would allow them to offer the vans to other companies as well.

When reached out to by The Wall Street Journal, Rivian spokeswoman reiterated their relationship with Amazon “has always been a positive one.”

“We continue to work closely together and are navigating a changing economic climate, similar to many companies,” Rivian spokeswoman added.

On the other hand, an Amazon spokeswoman told the media outlet that the company still plans to stick to their original agreement and purchase 100,000 Rivian electric delivery vans by 2030. Amazon owns a 17% stake in Rivian, making them the EV maker’s largest shareholder.

Rivian stock has been sliding since early March after the company announced a decision to sell $1.3 billion in bonds to raise capital. It traded at $13.73 per share on Monday, which is almost 21 percent down year-to-date.

The post Rivian and Amazon Renegotiating Exclusive Electric Delivery Vans Agreement appeared first on theprimarymarket.com.

Rivian’s offering will consist of “green bonds,” which offer a smaller return on investment but support sustainable and environmental-friendly projects. After the $1.3 billion in bonds is sold, the initial investors will also have a chance to buy “$200 million of the bonds for settlement after the bonds are issued.”

According to the company, the bonds come with a maturity date of March 2029. At that point, the investors will be offered a chance to turn them into Rivian shares or cash.

The capital that Rivian raises from the bonds sale will be used for “current and future green projects,” which includes the R2 family of electric cars. The project consists of smaller and cheaper models of SUVs and pickup trucks, which will be manufactured in a new plant in Georgia.

After the news was made public, Rivian stock dropped almost 10 percent in after-hours trading on Monday compared to the $17.13 per share closing price. The company’s shares lost roughly 60% of their value in the past year.

The post EV Maker Rivian Plots a $1.3 Billion Bonds Sale to Raise Capital appeared first on theprimarymarket.com.

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.

The post EV Maker Rivian Predicts $5.45 Billion Loss in 2022 appeared first on theprimarymarket.com.

Rivian delivered only 1,227 EVs in the first quarter, while the Normal facility produced just 2,553 cars. Such a low output positioned the company to struggle in reaching the 2022 goal of 25,000 produced units, although that doesn’t seem to be a concern at the moment.

“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” said Rivan in a statement.

RIVN closed at $26.86 per share on Tuesday before surging as high as 30.46 on Wednesday morning when the news was announced. This is still a significant drop compared to the $146.07 peak in November.

Rivian Automotive was founded in 2009, but it wasn’t until 2012 that the company shifted its focus to EVs. The company currently offers two models, R1T and R1S, both of which are characterized as off-road vehicles.  

The post Rivian Stock Jumps 12% After Production Improvement in Q2 appeared first on theprimarymarket.com.