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Thursday, Aug 11, 2022

Rivian Down on Q3 Results

Shares of Irvine-based Rivian Automotive Inc. (Nasdaq: RIVN) fell in after-hours trading Thursday, after the company’s quarterly results release as the electric vehicle maker looks to expand its production capacity.

The update was Rivian’s first since the company went public last month.

Rivian was trading down 2.7% to $105.90, with a market cap of $96.2 billion.

Rivian reported revenue of $1 million in the third quarter, which it said came from the delivery of 11 R1T trucks. Analysts on average expected revenue of $970,000.

The company’s net loss totaled $1.2 billion, widened from $288 million in the year-ago period and off from the $617 million loss analysts expected.

The quarterly results were followed by the company’s confirmation of a second manufacturing plant in Georgia, which is set to be located east of Atlanta.

The company said the $5 billion facility is estimated to produce as many as 400,000 vehicles each year, with production estimated to begin in 2024.

Construction in Georgia is set to begin in the summer.

Meanwhile, it’s Normal, Ill. manufacturing facility will expand by 623,000 square feet to eventually total about 4 million square feet.


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