Rivian (countrysideStocks came out today, a small respite for investors in the electric adventure car maker, Following the announcement of the financial results for the first quarter.
Although the company reported a revenue loss for the quarter ($95 million vs. $131.2 million expected), it posted a narrower EPS loss than Street expected on an adjusted basis ($1.43 loss vs. 1.45 expected loss).
While Rivian has reaffirmed its production forecast of 25,000 vehicles for this year, reported more than 90,000 R1 pre-orders, and more than 5,000 vehicles have been produced to date, investors have also bounced back from what the company has said about its future.
Rivian said it is on track to open its new $5 billion plant in Georgia in 2024, and that it will produce its new R2 there in 2025. On the post-earnings conference call, Rivian Chief Financial Officer Claire McDonough confirmed that the R2 will be a mid-size SUV. – and also broke the news that it will come in 2025
CEO RJ Scaringe said when discussing the future production process for the R2, and why it might be simpler and more scalable.
Key to its production and lower cost will be the development of the Rivian single-engine powertrain, codenamed “Enduro,” and a new battery architecture.
“We look forward to introducing the new Lithium Iron Phosphate (LFP) battery, updated electronics, and a single-motor drive unit, known as the Enduro,” Rivian said in the shareholder letter.
Scaringe further explained his future app during the earnings call. “The R2 will also benefit from several cross-platform technologies that will be integrated into the R1 and RCV platforms, including the single-engine drive unit, which we call Enduro, and our next-generation network architecture,” he said.
“Investing in the Georgia facility to accelerate the R2 platform will also be positive in the long run,” Wedbush analyst Dan Ives said in a note to investors.
While Rivian shares are jumping today, the stock is still down 75% year-to-date.
“Unapologetic reader. Social media maven. Beer lover. Food fanatic. Zombie advocate. Bacon aficionado. Web practitioner.”