Electric vehicle manufacturer Rivian The expectations of Wall Street missed Thursday, the sales being below those scheduled for the third quarter.
The Irvine company declared a turnover of $ 874 million in the three months which ended on September 30, which did not reach $ 992 million planned by analysts, according to Factst. The company recorded a turnover of $ 1.3 billion in the same period last year.
In a shareholder letter, Rivian has given the drop in income to a production disruption and “a more difficult consumption environment”.
Rivian faces several obstacles, including supply chain problems, safety problems And the slowdown in the demand for electric vehicles of consumers concerned about practical costs and load options.
RJ Scargen, the founder and head of the company of the company, said in an appeal with analysts that it was a “difficult neighborhood” for Rivian because of the hiccups and the fixing of the supply chain which was an absolute priority.
“We work very, very hard to solve this problem,” said Scargenge, adding that the company considers the challenge as a “short -term problem”.
Car manufacturers are also preparing for more uncertainty after Republican Donald Trump won the 2024 presidential election this week, guaranteeing his return to the White House. AssetAlthough he has softened his criticism of electric vehicles after the director general of Tesla, Elon Musk, argued it, considered putting an end to a federal tax credit of $ 7,500 for new purchases of electric vehicles.
Consumers who rent Rivian vehicles are able to take advantage of this tax credit, but there are also income requirements, so that most of their customers are not eligible. With Trump potentially placing more prices on imported goods, the company focused on supplying suppliers who will not be subject to large prices, said Scarge.
“There are many political elements here that are at stake, and we look at it very closely,” he said for the call. Manufacturers keep an eye on how prices could affect the price of raw materials.
The company declared a net loss of $ 1.1 billion, or $ 1.08 per share, in the third quarter, against a loss of $ 1.4 billion in the same period last year.
Rivian made its public debut in 2021 and saw its share price drop by 42% in the past year. Rivian shares increased 3.4% Thursday and 5.4% on Friday.
The company's share price took a blow last month when the startup missed delivery expectations for the third quarter and reduces its production forecasts, due to poor communication with its supplier of Copper windings. Rivian produced 13,157 vehicles in its manufacturing plant in Normal, Illinois, and delivered 10,018 vehicles in the third quarter.
As the company has tried to find a path to profitability, it signed high -level agreements with partners such as Amazon and the German automaker Volkswagen Group, which said this year that it would invest $ 5 billion in Rivian.
Known for its elegant electric adventure vehicles, Rivian vans and public sports service vehicles stand out on the road. For some consumers, however, vehicle prices are too high. The company's R1S SUV starts at $ 75,900 and the R1T van starts at $ 69,900. Rivian plans to release a cheaper and more compact electric SUV, known as R2, in 2026.
Rivian said Thursday that he had signed an agreement with LG Energy Solution to provide cylindrical battery cells for R2.
The company plans to close its joint venture with Volkswagen in the fourth quarter.
