Rivian announces its first financial report after listing: The third quarter net loss is 1.233 billion US dollars, which is expanded year-on-year
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On December 17, according to foreign media reports, after the market close on Thursday, local time, the electric car startup Rivian announced a better-than-expected third-quarter financial report for the 2021 fiscal year. This is the company’s first financial report since its listing.
The financial report shows that in the third quarter of fiscal 2021, the company achieved total revenue of 1 million US dollars, higher than the previously expected 800,000 US dollars; net loss of 1.233 billion US dollars, compared with the net loss of 288 million US dollars in the same period last year, a year-on-year increase .
As of December 15, Rivian produced 652 R1T electric pickup trucks and delivered 386 R1T. The company’s seven-seater SUV R1S is scheduled to be mass-produced next spring.
For the fourth quarter of fiscal 2021, analysts estimate that the company lost $5.48 per share and revenue is expected to be $68.45 million. As for the full year of fiscal 2021, the loss per share is estimated to be US$4.88 and revenue is estimated to be US$69.05 million.
In the financial report, Rivian also announced plans to build a second $5 billion electric car factory in Georgia. The plant will begin construction in the summer of 2022 and is expected to start producing electric vehicles in 2024.
Rivian was founded in 2009 and is an emerging electric car manufacturer. The company’s investors include Ford, Amazon and Cox Motors. Currently, Amazon holds 20% of Rivian shares, while Ford holds 12% of Rivian shares.
On November 10 this year, Rivian was officially listed on the Nasdaq. On the first day of listing, the company’s stock price closed up 29.14% to close at $100.73.
