Move over Ford. Rivian Loses $38,000 Per Vehicle Delivered In Q1

[1srelluc]

Rivian Loses $38,000 Per Vehicle Delivered In Q1. No Comment On Apple Partnership Rumors.

Rivian angled higher Wednesday after earnings amid speculation Apple is exploring a partnership.

www.investors.com

Rivian Automotive (RIVN) reported a worse-than-expected loss in the first-quarter as the company lost more than $38,000 per vehicle. Meanwhile, speculation ran rampant Tuesday that Apple (AAPL) was looking to partner with the EV startup. Rivian stock pared early gains, falling Tuesday.

Rivian announced a loss of $1.24 per share in the first quarter, down from a $1.25 loss a year ago, while revenue increased more than 80% to $1.204 billion. Analysts predicted a loss of $1.15 per share in Q1 with sales totaling $1.17 billion.

Meanwhile, Rivian ended Q1 with $7.858 billion in cash, cash equivalents, and short-term investments. However, Rivian lost $38,784 per vehicle delivered in Q1. The EV startup said Tuesday it "expects significant improvement in the material and conversion cost of its vehicles and remains confident in its path to achieving modest gross profit in the fourth quarter of this year."

Why does that article call Rivian an “EV startup”? Rivian has been around for 15 years!

They could be the first of the EV companies to be both "bailed in" with CC grift money and bailed-out by the taxpayer.

 

[shockedcanadian]

Rivian Loses $38,000 Per Vehicle Delivered In Q1. No Comment On Apple Partnership Rumors.

Rivian angled higher Wednesday after earnings amid speculation Apple is exploring a partnership.

www.investors.com

Rivian Automotive (RIVN) reported a worse-than-expected loss in the first-quarter as the company lost more than $38,000 per vehicle. Meanwhile, speculation ran rampant Tuesday that Apple (AAPL) was looking to partner with the EV startup. Rivian stock pared early gains, falling Tuesday.

Rivian announced a loss of $1.24 per share in the first quarter, down from a $1.25 loss a year ago, while revenue increased more than 80% to $1.204 billion. Analysts predicted a loss of $1.15 per share in Q1 with sales totaling $1.17 billion.

Meanwhile, Rivian ended Q1 with $7.858 billion in cash, cash equivalents, and short-term investments. However, Rivian lost $38,784 per vehicle delivered in Q1. The EV startup said Tuesday it "expects significant improvement in the material and conversion cost of its vehicles and remains confident in its path to achieving modest gross profit in the fourth quarter of this year."

Does that article really call Rivian an “EV startup”? Rivian has been around for 15 years!

They could be the first of the EV companies to be both "bailed in" with CC grift money and bailed-out by the taxpayer.

China is flooding the market and the West bent their own economies to allow them to.

Xi is now in Europe meeting his dependent states who are begging CHina to play nice, but, never actually doing anything about it, unlike Trump and to a lesser degree Biden.

 

[the watcher]

I was at Greenbelt rental last week picking up a ditch witch and a customer driving one of them was having words with the counter guy, He wanted a battery powered stump grinder and they didn't have one. He was just too beautiful for this world, no trailer hitch and it's probably good for him they didn't have one.

 

[1srelluc]

I was at Greenbelt rental last week picking up a ditch witch and a customer driving one of them was having words with the counter guy, He wanted a battery powered stump grinder and they didn't have one. He was just too beautiful for this world, no trailer hitch and it's probably good for him they didn't have one.

Yeah, one piece rear end....38K to replace it.

 

[sparky]

a battery powered stump grinder

being stumped just took on a whole new meaning watcher....~S~

 

[ding]

Meanwhile, Rivian ended Q1 with $7.858 billion in cash, cash equivalents, and short-term investments.

Sounds like they are going to need every penny of that.