The cash-rich young automaker says it may only build 25,000 electric pickups, SUVs and delivery vehicles this year.
Rivian, the best-funded electric vehicle startup in U.S. history, said losses during its initial year of electric truck production were nearly $5 billion and that ongoing tight supplies of computer chips, components and raw materials mean it can only build about 25,000 pickups, SUVs and delivery trucks this year.a net loss of $2.5 billion in the fourth quarter of 2021 and $4.7 billion for the full year. Annual revenue was $55 million, coming from deliveries of just 920 of its high-end vehicles.
Shares of electric vehicle makers, including Tesla, Lucid, Fisker and Nikola, have all been hammered this year as production is expected to be hamstrung by supply headaches that show no sign of easing–even as surging oil prices boost the appeal of zero-emission cars and trucks.
That cash cushion means it should be able to weather rocky conditions in 2022 and proceed with construction of a second plant in Georgia, budgeted at $5 billion, to bolster output at its Normal, Illinois, factory that will have capacity to produce 150,000 vehicles annually by next year.
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