{"id":12209,"date":"2022-08-12T14:39:16","date_gmt":"2022-08-12T14:39:16","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/12\/rivian-reports-more-losses-in-the-second-quarter-of-2022\/"},"modified":"2022-08-12T14:39:17","modified_gmt":"2022-08-12T14:39:17","slug":"rivian-reports-more-losses-in-the-second-quarter-of-2022","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/12\/rivian-reports-more-losses-in-the-second-quarter-of-2022\/","title":{"rendered":"Rivian reports more losses in the second quarter of 2022"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/8\/11\/23301444\/rivian-q2-2022-earnings-ev-r1t-r1s<\/a>
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Rivian, the buzzy electric vehicle company backed by Ford and Amazon, reported a net loss of $1.71 billion in the second quarter of 2022 based on $364 million in revenue. It\u2019s a sign that Rivian\u2019s nascent EV business is picking up speed, albeit slowly compared to the previous quarter in which Rivian reported a net loss of $1.59 billion<\/a> based on $95 million in revenue. Still, the company beat Wall Street expectations for revenue by about $26 million. <\/p>\n

The earnings report was also an indication that Rivian still has a ways to go before it can deliver on its promise to upend the auto industry with beautifully designed, emissions-free, adventure-themed trucks and SUVs. The automaker said it expects to burn through $700 million in additional cash before the end of the year. <\/p>\n

The earnings report comes on the heels of a positive production update<\/a> in which Rivian said it made 4,401 vehicles during the three-month period, a 72 percent increase over the previous quarter, and delivered 4,467 vehicles, a 267 percent increase. The company didn\u2019t provide a breakdown between R1T trucks<\/a> and its electric delivery van<\/a> (EDV) that is being built for Amazon. (Deliveries of the R1S SUV<\/a> were delayed until later this year.)<\/p>\n

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