Rivian losses surge to $1.7 billion as production ramps up

Rivian expects supply chain shortages to continue to limit growth, but says it is confident enough in its improving outlook that it plans to add a second shift. Typically, Illinois, Manufacturing Plant Later this year. Scaringe said he is confident production rates will continue to grow as more vehicles leave the factory door is critical to achieving profitability.

Libyan has gained a lot of support from. Amazon (AMZN)said it had 98,000 pre-orders in the U.S. and Canada at the end of June, and the percentage of pre-orders increased this year. The majority of new R1T buyers have never owned a pickup truck before, the automaker said.

The heavy loss is in line with Rivian’s expectations for this year. It said the loss was due to investments in people, technology and vehicle programs.

Rivian produced 4,401 vehicles and delivered 4,467 vehicles in the second quarter. That output is up 72% from the first quarter, when he produced 2,553 vehicles. The automaker plans to produce 25,000 units this year. Rivian’s stock fell 2% in after-hours trading.

The automaker still has more than $15 billion in cash in its operating capital, which it says is enough to fund an upcoming manufacturing plant in Georgia and a new vehicle platform called R2. increase.

The company also said its delivery vehicles have carried more than 430,000 packages for Amazon since early 2021.