Rivian Loses Nearly $2 Billion in Second Quarter As Expenses Mount

MarketWatch2022-08-12

Rivian says it now expects a 2022 loss of $5.45 billion, from a previous estimate of a $4.75 billion lossA Rivian R1T pickup truck. GETTY IMAGESRivian Automotive Inc. late Thursday reported a narrower...

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Comments

RS142
2022-08-12
RS142
Good
Ollivander
2022-08-12
Ollivander
Gg
SCLIEW
2022-08-12
SCLIEW
666
PCK
2022-08-12
PCK
Ok
JaiVenky
2022-08-12
JaiVenky
Great
ZenInv
2022-08-12
ZenInv
Sell

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GETTY IMAGESRivian Automotive Inc. late Thursday reported a narrower...</p>\n\n<a href=\"https://www.marketwatch.com/story/rivian-loses-nearly-2-billion-in-second-quarter-as-expenses-mount-11660250471?mod=home-page\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"RIVN","symbol_name":"Rivian Automotive, Inc.","start_time":0,"source_url":"https://www.marketwatch.com/story/rivian-loses-nearly-2-billion-in-second-quarter-as-expenses-mount-11660250471?mod=home-page","article_id":"2258675366","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2258675366","pubTimestamp":1660257912,"sourceInfo":{"source_id":"lsy1603348471595","name":"MarketWatch"},"weMediaInfo":null,"summary":"Rivian says it now expects a 2022 loss of $5.45 billion, from a previous estimate of a $4.75 billion","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"RIVN":"Rivian Automotive, Inc."},"translate_title":"随着支出增加，Rivian第二季度亏损近20亿美元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RIVN":1},"content_text":"Rivian says it now expects a 2022 loss of $5.45 billion, from a previous estimate of a $4.75 billion lossA Rivian R1T pickup truck. GETTY IMAGESRivian Automotive Inc. late Thursday reported a narrower-than-expected quarterly loss, but called for steeper losses for the year, warned about ongoing supply-chain snags, and saw rising expenses, sending the stock lower in the extended session.The EV maker said it lost $1.7 billion, or $1.89 a share, in the second quarter, compared with a loss of $580 million, or $5.74 a share, in the year-ago period. Adjusted for one-time items, Rivian lost $1.62 a share in the quarter.Revenue reached $364 million, from no revenues a year ago, mostly thanks to the deliveries of 4,467 electric vehicles in the quarter, the company said.FactSet consensus called for an adjusted loss of $1.63 a share on sales of $335 million.Rivian stock initially fell about 5% in extended trading after the results, and reversed course shortly after. At last check, however, the stock was down about 2%.“Rivian’s team delivered strong second-quarter results despite the challenging supply-chain environment,” Chief Executive RJ Scaringe said in a call with investors after the results.Rivian saw “a number of challenges” related to the supply-chain shortages in the quarter, including ongoing issues with chips.The outlook for the second half of the year is improving, however, and Rivian is on track to add a second shift to its factory by the end of the current quarter, Scaringe said. 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impacts” from the production ramp, raw-material inflation, higher expenses with expedited freight, and other “supply-chain challenges,” the company said.Rivian also lowered its 2022 capital expenditures guidance to $2 billion, from a previous guidance of $2.6 billion.Earlier Thursday, Scaringe tweeted that a “last piece of structural steel” was set on Rivian’s factory in Normal, Ill., bringing the plant to more than 4 million square feet.Rivian shares have lost 63% so far this year, compared with declines of around 11% for the S&P 500 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