Rivian Automotive Inc. reported a quarterly web lack of $1.72 billion, in contrast with $1.23 billion a 12 months earlier, as provide chain snarls proceed to restrict the corporate’s capacity to provide electrical autos which can be in excessive demand.
Supply chain disruptions have pressured Rivian, forcing the corporate earlier this 12 months to chop manufacturing forecast by half to 25,000 models, which it reaffirmed on Wednesday.
High value ranges for uncooked supplies similar to lithium, nickel and copper, exacerbated by the Russian invasion of Ukraine, have been squeezing margins of automakers, affecting the underside line.
In the third quarter ended Sept. 30, the electric-vehicle maker delivered 7,363 autos, up from 4,467 models within the prior quarter.
Revenue was $536 million within the quarter ended September 30, in contrast with analysts’ expectations of $551.6 million, in accordance with Refinitiv information.
The firm, which went public a 12 months in the past, additionally mentioned its smaller R2 car household will start manufacturing in 2026, a 12 months later than beforehand introduced, at Rivian’s deliberate $5 billion Georgia plant.
The automaker ended the third quarter with $13.8 billion in money, down from $15.9 billion on the finish of the second quarter.
“We remain confident in our ability to fund operations with cash on hand through 2025,” Rivian mentioned in an SEC submitting late on Wednesday.
Shares had been unstable in after-market buying and selling, rising as a lot as 7 p.c after falling almost 12 p.c within the common session.