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.
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