Rivian Stock Jumps 6% After Q1 2022 Earnings Report: Investors Optimistic Despite Supply Chain Challenges
Rivian Automotive Inc.’s stock jumped more than 6% in after-hours trading Wednesday following the electric vehicle maker's release of its Q1 2022 earnings report. The company reported a loss of $1.6 billion, or $1.77 per share, and revenue of $95 million, both below Wall Street consensus estimates provided by Refinitiv. Despite the losses, Rivian maintained its production outlook for 2022 and noted that it is focusing on ramping up production throughout the year despite supply chain bottlenecks and parts shortages.
Rivian also highlighted 10,000 orders received after prices were increased as evidence of real demand for their vehicles. However, the automaker did not provide any guidance on how many vehicles they plan to deliver over the next two years. Ford sold 8 million of their 100 million shares in Rivian this week after reporting a quarterly loss; however, they still own a large portion of the company’s stock.
The company also released a PDF version of their earnings report which was much more pleasing to the eyes than the standard version, especially if you're using mobile devices. Ultimately, while there are still some unanswered questions surrounding Rivian's future, investors seem optimistic about their prospects going forward.
Rivian's Q1 2022 earnings report was a mixed bag, but the company is still on track to meet its production goals for this year. The automaker has been able to secure orders despite price increases and Ford’s divestment of some of their shares in Rivian. Additionally, they have released an aesthetically pleasing PDF version of their earnings report which should make it easier for investors to digest the information.
Overall, while there are still some unanswered questions surrounding Rivian's future prospects, investors seem optimistic about what lies ahead as the electric vehicle maker continues ramping up production throughout 2021 and beyond.
What are the expected earnings for Rivian Automotive Inc. in Q1 2022?
Wall Street analysts expect Rivian to report a loss of $1.44 per share, with revenue estimates landing at $130.5 million.
How many vehicles did Rivian make and deliver in the first quarter of 2022?
Rivian made 2,553 vehicles in the quarter and delivered 1,227, which generated $95 million in revenue.
What challenges has Rivian faced in the first quarter of 2022?
Rivian has had to navigate harsh market conditions due to supply chain bottlenecks and parts shortages. Additionally, one of its largest investors, Ford, sold 8 million shares this week after reporting a loss.
What is Rivian's production outlook for 2022?
Rivian remains focused on ramping production throughout 2022, despite ongoing shortages of semiconductor chips as well as other parts, production stoppages and several bottlenecks. The company is aiming for 25k vehicles this year, 2/3 of them R1s and 1/3 the Amazon delivery vehicle.
What can investors expect from Rivian's earnings report?
Investors can expect to see an adjusted loss of $1.43 a share on sales of $95 million, as well as details about the company's production outlook for 2022 and its response to Ford's sale of 8 million shares. Rivian's management team will also provide an update on the company's progress in developing its electric pickup truck, the R1T.