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Rivian (RIVN) released its third-quarter earnings results Wednesday after stock market close as the EV maker battles rising costs while it scales production. According to Rivian’s latest filing, the automaker missed Wall Street revenue expectations in Q3 but reaffirmed its 25,000 production goal for 2022.

Rivian Q3 2022 earnings preview

Yesterday, we released a preview of what you can expect from Rivian’s Q3 2022 earnings, including a few important updates announced during Q3.

Rivian already announced it had produced 7,363 electric vehicles at its Illinois plant and delivered 6,584 during the third quarter, which ended September 30, 2022.

The EV maker has stuck to its year-end guidance so far of producing 25,000 EVs this year despite ongoing supply chain hurdles. In the second quarter, Rivian’s backlog grew to about 98,000, with a rising average preorder rate.

In addition, Amazon confirmed it would be rolling out 1,000 Rivian EDVs for the upcoming holiday season, a portion of its 100,000 order agreement. Although the Amazon backing will help over the next few years, one of the primary things to look out for as Rivian scales production will be the cost of production.

Wall Street is looking for Rivian to post around $550 million in revenue and a quarterly loss of $1.80 per share.

Rivian Q3 2022 financial results and analysis

Rivian posted revenue of $536 million in the third quarter of 2022, missing Wall Street estimates of around $550 million.

Although revenue is important, the focus will likely be on operating costs and how the company is managing debt while Rivian builds its production capabilities.

That being said, Rivian generated a negative gross profit of -$917 million in the third quarter. Rivian notes:

As we produce vehicles at low volumes on production lines designed for higher volumes, we have and will continue to experience negative gross profit related to labor, depreciation, and overhead costs.

Rivian’s operating costs in Q3 2022 grew to $857 million, up from $694 million in the same quarter last year. Interestingly, the increase is primarily due to an increase in stock-based compensation expenses.

Overall, Rivian posted a net loss of over $1.7 billion compared to a loss of $776 million a year ago. The wider loss is because of higher input costs associated with building manufacturing capabilities.

Rivian ended the quarter with a sufficient $13.8 billion in cash despite a significant cash burn of over $1.6 billion in Q3.

Additional updates from Rivian’s third quarter earnings

Rivian’s backlog swelled to over 114,000 from 98,000 in Q2, confirming the demand for its EVs is still there. These are in addition to the 100,000 order from Amazon.

According to Rivian’s shareholder release, the company is affirming its 25,000 production guidance for 2022. In addition, Rivian still expects an adjusted EBITDA of -$5.4 billion.

The automaker continues working with Georgia, expecting to launch its R2 platform in 2026.

Rivian’s (RIVN) stock is up slightly in after-hours trading after falling over 70% so far in 2022.

With a rapidly changing macroeconomic environment (rising interest rates, inflation, etc.), introducing new electric vehicle platforms and ramping production (with high fixed costs) is a challenge. Rivian is navigating this environment so far, but widening losses and higher input costs are still concerning.

Losses stacking up is inevitable as Rivian scales production, but as production and delivery levels continue to climb, the company should start to see higher margins. Rivian says:

We expect the in-transit time from rail shipments coupled with an increase in volumes from the ramp of our second shift towards the end of the quarter will cause a larger discrepancy between production and deliveries

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What makes a Honda a Honda? Prologue engineers help us find out!

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What makes a Honda a Honda? Prologue engineers help us find out!

On today’s informative episode of Quick Charge, we’ve got Honda engineers Jason Hwang and Emilio Sanchez to talk us through some of the things that make the GM Ultium-based Honda Prologue EV feel like a real Honda, and why that matters.

Jason and Emilio talk about some of the choices they made to make the Honda Prologue and Acura ZDX feel different from its GM-branded cousins, and explain why this was much more than a case of badge-engineering. Give it a listen, then let us know what you think of the Prologue and ZDX in the comments.

Today’s episode is sponsored by BLUETTI, a leading provider of portable power stations, solar generators, and energy storage systems. For a limited time, save up to 52% during BLUETTI’s exclusive Black Friday sale, now through November 28, and be sure to use promo code BLUETTI5OFF for 5% off all power stations site wide. Learn more by clicking here.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news!

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show!

Read more: All my favorite EVs, racecars, and robots from Electrify Expo Austin.

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The Eastern US’s first CFI-funded EV charging hub comes online

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The Eastern US's first CFI-funded EV charging hub comes online

The first EV charging hub funded by the Charging and Fueling Infrastructure (CFI) Program in the Eastern US is now online in Deerfield, Massachusetts.

The town installed the region’s first DC fast chargers (four ports), along with four Level 2 chargers, at 59 North Main Street in South Deerfield.

These new charging stations, funded with $2.46 million from the CFI program, are conveniently located near Interstate 91 in Franklin County, the most rural county in Massachusetts, which serves drivers from Connecticut up to the Canadian border.

The hub also features local and regional bus stops and designated bike lanes with secure onsite bike racks. The chargers are meant to cater to everyone: from local residents and visitors to municipal EVs and commercial vehicles that service the region’s businesses, like those in food and beverage manufacturing.

Gabe Klein, executive director of the Joint Office of Energy and Transportation, sees this as a model for future projects:

Multi-modal charging hubs in communities are key to giving more people the choice to ride and drive electric. The Town of Deerfield is showing leadership in building out convenient charging infrastructure that brings new transportation choices to rural and disadvantaged communities while supporting local commerce.

In recent years, Deerfield has experienced increased climate change-driven flooding from nearby rivers, including the Deerfield River, the Connecticut River, and the Bloody Brook. The project incorporates environmental engineering designed to mitigate and adapt to the effects of flooding and climate, including the installation of permeable asphalt and rain gardens, planting of native trees, grasses, and shrubs, and the creation of new greenspace in the center of Deerfield.

The Biden-Harris administration’s CFI Grant Program is expanding EV infrastructure nationwide. It offers grants for projects that complement and expand upon the initiatives of the NEVI program in urban, rural, and disadvantaged and low-income communities. So far, the CFI Grant Program has allocated over $1 billion to nearly 100 projects across the US, encouraging private investments and expanding the EV charging network to make EV ownership more practical and convenient.

Read more: The US reaches milestone of 200,000+ public EV charging ports


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Kia’s new low-cost EV4 was just spotted in the US for the first time

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Kia's new low-cost EV4 was just spotted in the US for the first time

Kia’s upcoming EV4 electric sedan was just spotted testing in the US for the first time. The low-cost EV is expected to make its big debut by the end of the year. Here’s a look at the new model.

The EV4 will round out Kia’s new “EVs for all” master plan launched last year. Kia showcased three new models, the EV3, EV4, and EV5, during its first annual EV Day in October 2023.

During the event, Kia outlined its new global strategy to “lead and accelerate the EV revolution” with a wide range of models priced from $30,000 to $80,000.

Kia plans to rapidly expand its lineup with a series of smaller, lower-priced models. It launched the EV9, its first three-row electric SUV, which is already proving to be a hot seller in the US. Starting at under $55,000, the EV9 is still a great deal compared to others in its class, but Kia plans to go even lower.

The EV3 and EV4 are expected to be among the most affordable electric vehicles when they arrive in the US.

Kia's-EV4-US
Kia EV4 (back) showcased alongside (from left to right) the EV9, EV3, EV5, EV4, and EV6 (Source: Kia)

Kia’s new EV4 is now testing in the US

Ahead of its official debut, Kia’s new EV4 sedan was recently caught driving on US streets for the first time.

The latest image from KindelAuto doesn’t reveal much more than what’s been shown in the past, but the fact that it’s now testing in the US is significant.

Kia EV4 caught on US streets for the first time (Source: KindelAuto)

Kia’s EV3 is already on sale in Korea, starting at around $30,000 (42.08 million won). Earlier this week, the company said its new compact SUV is now available across Europe, starting at around $38,000 (36,000 euros) with a “segment-leading range” of up to 375 miles (WLTP).

Next up will be the EV4. Kia is expected to officially reveal the new EV by the end of the year, with deliveries starting in 2025. It could be as soon as next week at the 2024 LA Auto Show.

Kia's-EV4-US
Kia EV4 concept (Source: Kia)

The interior will feature Kia’s advanced new ccNC infotainment system with dual 12.3″ navigation and driver display screens. An otherwise minalimalistic design is expected inside.

Kia’s EV4 will also be available in a hatchback variant. Although the hatch is likely aimed at European buyers, it was also recently spotted testing in the US for the first time.

Kia's-EV4-US
Kia EV4 concept interior (Source: Kia)

We will learn official prices closer to launch, but the EV4 is expected to start at around $35,000 to $40,000.

Kia is teasing five new vehicles for the US, at least one being a new EV, that will debut at the LA Auto Show next week. Will it be the EV3? EV4?

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