Rivian (RIVN) is set to release Q4 and full year results for 2022 on Tuesday, February 28, after the market close in what is shaping up to be a significant one as the young EV maker looks to overcome recent hurdles as it ramps production.
Here’s a brief preview of what Wall St and investors expect from Rivian’s fourth quarter results.
Rivian Q4 2022 deliveries
Rivian revealed last month it had produced 10,020 electric vehicles at its Normal, Illinois manufacturing facility during Q4 2022 while delivering 8,054 during the same period.
For the full year, Rivian produced 24,337 EVs and delivered 20,332. Despite slightly missing the company’s 25,000 full-year production guidance, it’s still an impressive accomplishment, given it only produced 1,015 vehicles by the end of 2021 (delivering 920).
Rivian’s Illinois factory will be capable of producing 150,000 EVs annually when it’s fully operational (with plans to increase it to 200,000), but until then, the automaker continues to burn through cash.
Rivian profitability
On a recent analyst call, Rivian’s CEO RJ Scaringe said it’s been a “challenging year” as the company launched four products (two versions of the EV van, the R1T, and the R1S) while trying to scale production.
In the third quarter of 2022, Rivian’s losses widened to $1.7 billion, as the company said on its Q3 earnings call:
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 is working to improve its capital efficiency by ramping up manufacturing capabilities. The company recently added a second shift to accelerate production.
The company has noted it has the funds ($13.3 billion cash and equivalent) necessary to continue operations until at least 2025 with a substantial long-term contract from Amazon to supply over 100,000 Rivian EDVs, slated to roll out by 2030.
Rivian Q4 and full-year 2022 earnings expectations
Analysts expect Rivian to report earnings-per-share (EPS) of $-1.94 compared to $-1.88 in the third quarter.
In addition, Rivian is forecasted to report Q4 revenue of $742 million, up from $536 million in the third quarter and only $52 million in the same period last year.
Wall Street is expecting Rivian to continue burning cash with losses to remain around the same as in Q3 with about $1.7 billion.
Rivian Q4 earnings preview: What to look for
The biggest issue Rivian is facing right now is that it’s losing money on every vehicle it produces. The company was losing as much as three times ($1.7 billion loss with just over $500 million in revenue) what it was charging per vehicle in the third quarter, and that trend is expected to continue for some time.
Scaringe says these issues are “well understood” as the company shifts its focus to reducing costs and driving volume this year, which will steer them toward positive gross margins.
As the company works to lower costs and improve operating efficiency, Rivian announced earlier this month it would be laying off 6% of its workforce.
RIVN stock is down over 70% in the past year as investors have fled for safer assets.
If the company wants to regain investor confidence, it will start by showing it has a clear path toward positive gross margins. Even if Rivian makes great EVs, if it can’t build them profitably, investors will not be interested.
Check back tomorrow for Rivian’s Q4 earnings results.
FTC: We use income earning auto affiliate links.More.
The sun has set on a frantic day of scrutineering at this year’s Electrek Formula Sun Grand Prix (FSGP), as teams scramble to qualify for a spot on the starting line tomorrow morning. Electrek FSGP 2025 is shaping up to be one of the event’s most attended ever, thanks to a strong showing of first-time and returning schools. But that also means new and unproven vehicles on the track.
Today, I walked through a couple of bays and talked with a few of the teams able to spare a minute; almost all of them were debuting completely new cars that were years in the making. Building a solar car is no easy feat. It’s not just the engineering and technical know-how that’s often a hurdle for them; it’s more often monetary. However, one of the things that makes this event so special is the camaraderie and collaboration that happen behind the scenes.
Northwestern University is back with a completely new car this season, its eighth since the team’s original inception in 1997 during the GM Sunrayce days. Its motor controller, which is responsible for managing the flow of power from the batteries to the motor, was given to them by the Stanford team. Stanford had extras and could spare one for Northwestern, which needed a replacement. It doesn’t stop there. Two members of the Northwestern team (Shannon and Fiona) told me four other teams helped them with a serious tire replacement around 1 a.m. Wednesday morning, saving them from missing important parts of scrutineering.
This is also an exciting year for the West Virginia team, which is celebrating its 35th anniversary as a solar car team, making them one of the oldest teams on the track. With age comes wisdom though: WV is competing again this year with its single-occupant vehicle, Sunseeker. The team ran into issues after last year’s American Solar Challenge (ASC) cross-country event when the vehicle’s control arm, an important part of the suspension that connects the wheels to the chassis, broke. They tell me this year they’re back with a completely redesigned control arm made of both aluminum and steel. Thank you, Hayley, John, and Izzy, for taking the time to talk.
Advertisement – scroll for more content
We’re also seeing new builds this year from the University of Florida, the University of Puerto Rico, NC State, and UC Irvine. Believe it or not, the latter team has never competed in an American Solar Challenge/Formula Sun Grand Prix. This is their first year. UC Irvine doesn’t expect to be on the starting line tomorrow but hopes to be on the track soon after.
University of Puerto RicoUniversity of California Irvine
On the other hand, we have tried-and-proven cars like my personal favorite, Polytechnique Montréal’s Esteban, which undergoes minor improvements each year. I talked a little bit with this team today, and they told me the car’s motor was dropped, disassembled, and cleaned in preparation for the event. Polytechnique Montréal has passed scrutineering and will appear on the starting line tomorrow.
Polytechnique Montréal
Teams that haven’t wrapped up scrutineering in the last three days can still complete it, though doing so will eat into time on track.
You can learn more about the different classes and the specific rules here.
I’ll continue to post more updates as the event continues!
2025 Electrek FSGP schedule
The 2025 Electrek FSGP will again be held at the National Corvette Museum Motorsports Park in Bowling Green, Kentucky, which, interestingly enough, General Motors occasionally uses for Corvette testing and development. A bit of a full-circle moment being so close to the company that started it all.
The event is open to the public and FREE to attend. Come see the solar car race up close!
Racing starts on July 3 from 10am to 6pm CT and continues through July 5 from 9am to 5pm CT.
Featured image via Cora Kennedy for Electrek FSGP/ASC.
Note: The Formula Sun Grand Prix is not in any way associated or affiliated with the Formula 1 companies, FORMULA 1 racing, or the FIA Formula One World Championship.
FTC: We use income earning auto affiliate links.More.
Tesla’s Q2 results are in, and they are way, way down from Q2 of 2024. At the same time, Nissan seems to be in serious trouble and the first-ever all-electric Dodge muscle car is getting recalled because its dumb engine noises are the wrong kind of dumb engine noises. All this and more on today’s deeply troubled episode of Quick Charge!
We’ve also got an awesome article from Micah Toll about a hitherto unexplored genre of electric lawn equipment, a $440 million mining equipment deal, and a list of incompetent, corrupt, and stupid politicians who voted away their constituents’ futures to line their pockets.
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.
Advertisement – scroll for more content
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.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
FTC: We use income earning auto affiliate links.More.
“These ‘OpenAI tokens’ are not OpenAI equity,” OpenAI wrote on X. “We did not partner with Robinhood, were not involved in this, and do not endorse it.”
The company said that “any transfer of OpenAI equity requires our approval — we did not approve any transfer,” and warned users to “please be careful.”
Robinhood announced the launch Monday from Cannes, France, as part of a broader product showcase focused on tokenized equities, staking, and a new blockchain infrastructure play. The company’s stock surged above $100 to hit a new all-time high following the news.
“These tokens give retail investors indirect exposure to private markets, opening up access, and are enabled by Robinhood’s ownership stake in a special purpose vehicle,” a Robinhood spokesperson said in response to the OpenAI post.
Read more CNBC tech news
Robinhood offered 5 euros worth of OpenAI and SpaceX tokens to eligible EU users who signed up to trade stock tokens by July 7. The assets are issued under the EU’s looser investor restrictions via Robinhood’s crypto platform.
“This is about expanding access,” said Johann Kerbrat, Robinhood’s SVP and GM of crypto. “The goal with tokenization is to let anyone participate in this economy.”
The episode highlights the dynamic between crypto platforms seeking to democratize access to financial products and the companies whose names and equity are being represented on-chain
U.S. users cannot access these tokens due to regulatory restrictions.