Rivian, the buzzy electrical conveyance institution backed by Ford and Amazon, delivered 909 vehicles to customers successful the 4th fourth of 2021, the institution said successful its second net report since its historic IPO past year. The institution says it has delivered a full of 920 vehicles successful 2021.
Rivian reported a antagonistic gross nett of $383 cardinal implicit the past 3 months and $465 cardinal implicit the people of the full year. Revenues were $55 cardinal successful 2021, and the institution said it recorded a nett nonaccomplishment of $2.5 cardinal successful the 4th quarter.
The net study follows a unsmooth week for Rivian, which had to walk backmost a planned terms increase for its electrical R1T motortruck and R1S SUV aft a lawsuit backlash. People who enactment down $1,000 to reserve 1 of the vehicles were incensed upon learning the archetypal terms punctuation had gone up by arsenic overmuch arsenic $20,000. After an uproar, Rivian CEO RJ Scaringe issued a nationalist apology. Meanwhile, the company’s stock terms fell implicit 25 percent.
It was a noticeable drop, fixed the company’s high-flying presumption implicit the past six months. Rivian’s IPO helped rise adjacent to $14 billion, and contempt lone shipping a tiny fistful of trucks since accumulation started, the company’s banal marketplace worth was astir treble that of Ford’s.
Rivian’s quality to marque vehicles astatine standard is inactive unproven; it has lone conscionable started making and delivering the R1T and is inactive preparing its R1S SUV and an electrical transportation van for wide production. Though Rivian is inactive worthy astir $55 billion, its banal has fallen by astir two-thirds from its highest and is good beneath its IPO price.
Rivian started shipping the R1T precocious past year, earning the favoritism of being the archetypal institution to present an electrical motortruck to customers. Most of the archetypal deliveries were to employees, though a fewer person gone to immoderate existent customers. The remainder of the car manufacture is inactive scrambling to get its ain plug-in pickup trucks into production. (GMC besides started archetypal deliveries of the Hummer EV precocious past year.)
Rivian is besides collaborating with Amazon connected an electrical transportation van. The e-commerce elephantine said it would bid up to 100,000 vans done 2024, portion of the effort to decarbonize its logistics fleet. Amazon recently confirmed it owns immoderate 20 percent of Rivian aft participating successful aggregate backing rounds earlier the IPO.