Rivian (RIVN) Stock Falls 2% Following Q3 EPS Loss; Confirms New Georgia Plant with Estimates 400K Annual Capacity
Rivian Automotive (NASDAQ: RIVN), the company designing, developing, manufacturing and selling category-defining electric vehicles and accessories, reported its first quarterly results as a public company after the bell Thursday.
Rivian Automotive Q3 EPS came in at ($12.21), compared to ($2.88) a year ago. Shares were trading more than 2% lower after-hours following the results.
The company announced 71K net preorders for R1 in U.S. and Canada as of Dec 15, 2021 and confirmed a 100K EDV initial order from Amazon.
The company achieved several milestones during the quarter, including the delivery of its first consumer vehicles, the R1T pickup truck and R1S sport utility vehicle ("SUV"), in September and December, respectively, and completion of the certification process for the sale of our Electric Delivery Van ("EDV").
The company’s major goal for 2021 is certifying the R1T, R1S, and EDV 700 for sale and starting deliveries through its direct-to-customer operations.
The company’s near-term roadmap includes (1) expanding the production capacity of its Normal, Illinois Factory from 150,000 to 200,000 vehicles per year, and (2) building its recently announced second domestic manufacturing facility near Atlanta, Georgia, with 400,000 targeted annual production capacity.