Source: Dreamstime | Author: DeltaStock
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Rivian Automotive – one of the latest EV makers to hit the market, has seen a rough fiscal 2021, marred by wider-than-expected losses, supply-chain issues and rising commodity costs. The disappointing news briefly sent its stock down 10% in after-hours trading last Thursday, with the price continuing to slump further at the time of writing this article.
Financial performance for Q4 2021
“By the end of 2021, we accomplished our primary objective of certifying and starting deliveries of our first three vehicles—the R1T, R1S, and the EDV. Both vehicle platforms are the tip of the spear for the brand and play an important role in establishing our relationship with the customer and the world.”
Rivian Automotive
So far, Rivian offers three vehicle models:
– The R1T: a two-row, five-passenger pickup truck
– The R1S: a three-row, seven-passenger SUV
– The EDV: a custom-designed EV van for Amazon – the company’s first commercial customer, which has ordered a whopping 100,000 EDVs
Here is how the EV maker did in the final months following its IPO that raised the impressive $13.7 billion:
– Total revenue: $54 million for the period, driven by the delivery of 909 vehicles and $55 million for the entire fiscal 2021, driven by the delivery of 920 vehicles
– Net loss: $(2,461) billion for the period versus the $(353) million for the same period last year due to heightened overhead costs, with the total net loss for fiscal 2021 being $(4.688) billion
– Operating expenses: the total operating expenses for the period grew to $2.071 billion versus the $353 million in Q4 2020. For fiscal year 2021, this figure reached $3.755 billion as compared to the $1.021 billion in 2020.
– Cash and cash equivalents: Rivian ended Q4 2021 with $18.423 million in cash reserves
– Total pre-orders: as of March 8, 2022, the number of R1T/R1S pre-orders amounted to roughly 83,000, which is 12,000 (17%) more than the 71,000 pre-orders made up until December 15, 2021
– Total vehicles produced: a total of 1,015 vehicles (all three types combined, but mostly R1T), were produced in 2021, out of which 920 were delivered to customers. According to the EV maker, it has ramped up its production capacity and has since that time produced an additional 1,410 units as of March 8
– Other key developments: last year, Rivian also introduced its FleetOS digital fleet management solution for commercial customers and selected the site for its second U.S. manufacturing plant which, together with its first plant in Normal, Illinois is estimated to bring the company’s yearly EV vehicle output to around 600,000
Financial outlook for Q1 2022
“Through the first half of Q1 2022, we experienced several headwinds and other factors impacting our production ramp, including a planned 10-day shutdown to fine-tune our production lines, significant supply chain limitations, a large spike in COVID-19 cases likely attributable to the Omicron variant, and severe winter weather in Central Illinois.”
Rivian Automotive
Throughout the next 12 months, Rivian is determined to remain focused on ramping up production at its plant in Normal, Illinois while simultaneously investing in other EV-related technologies and laying the groundwork for its second plant just outside Atlanta, Georgia, which is expected to be completed sometime in 2024.
However, according to the EV maker, a major headwind it experienced in 2021 – that of supply chain constraints – is likely to persist throughout 2022 as well, which is why it has recently cut its total vehicle production forecast from the previously expected 50,000 down to 25,000. In the case of the massive Rivian EDV van order, production and deliveries to Amazon are already underway, but also heavily constrained for the same reason.
Upcoming reports
See the full list of upcoming earnings reports for 14th – 18th March in the tables below.
Tuesday, 15th March 2022
| Country | Company | Fiscal period |
|---|---|---|
| USA | Cintas Corp | Q3 2022 |
| United Kingdom | Informa PLC | Full Year 2021 |
| United Kingdom | Ferguson PLC | Half Year 2022 |
| Germany | Rwe AG | Full Year 2021 |
| Italy | Saipem SpA | Full Year 2021 |
| Germany | Fraport AG Frankfurt Airport Services Worldwide | Full Year 2021 |
| Germany | Volkswagen AG | Full Year 2021 |
Wednesday, 16th March 2022
| Country | Company | Fiscal period |
|---|---|---|
| USA | Progressive Corp | Report for February 2022 |
| Spain | Industria de Diseno Textil SA | Full Year 2021 |
| United Kingdom | Restaurant Group PLC | Full Year 2021 |
| Italy | Snam SpA | Q4 2021 |
| Germany | Bayerische Motoren Werke AG | Q4 2021 |
| Germany | E.ON SE | Q4 2021 |
Thursday, 17th March 2022
| Country | Company | Fiscal period |
|---|---|---|
| USA | GameStop Corp | Q4 2021 |
| USA | FedEx Corp | Q3 2022 |
| USA | Dollar General Corp | Q4 2021 |
| Italy | Enel SpA | Full Year 2021 |
| Italy | Terna Rete Elettrica Nazionale SpA | Full Year 2021 |
| Germany | Rheinmetall AG | Q4 2021 |
| Germany | Duerr AG | Full Year 2021 |
| Germany | 1&1 AG | Q4 2021 |
| Italy | Eni SpA | Q4 2021 |
| United Kingdom | Harbour Energy PLC | Full Year 2021 |
| France | Veolia Environnement SA | Full Year 2021 |
| Kingdom of the Netherlands | Pharming Group NV | Q4 2021 |
Friday, 18th March 2022
| Country | Company | Fiscal period |
|---|---|---|
| Norway | Equinor ASA | Full Year 2021 |
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