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Rivian (RIVN) released its fourth quarter and full-year earnings results for 2022 after market close on Tuesday, February 28, showing a slight miss on revenue but significantly lower operating expenses as the EV startup moves to cut costs and drive volume.

Rivian EV sales and earnings expectations

CEO RJ Scaringe previously said it was a “challenging year” for Rivian as it ramped production through supply chain issues and product recalls.

Yesterday, we gave you guys a rundown of what you can expect from Rivian’s fourth-quarter 2022 earnings results.

Rivian revealed last month it had produced 10,020 electric vehicles at its Normal, Illinois plant during Q4 while delivering 8,054 during the same period.

For the full year, Rivian produced 24,337 EVs and delivered 20,332, just missing its goal of 25,000. Despite the miss, Rivian’s production is still growing at an impressive rate, given that it only produced 1,015 total vehicles by the end of 2021.

Wall Street is expecting Rivian to report Q4 revenue of $742 million, up from $536 million in Q3, and EPS of ($1.94).

For delivery and production guidance, Wall St expects between 60,000 to 65,000 models for 2023.

Rivian Q4 2022 financial results

After market close, Rivian released its fourth-quarter financial results, showing the company is implementing cost-cutting procedures.

However, as Rivian explains, the company’s cost of goods sold was impacted by short-term premiums on materials and expedited freight charges, which it expects to continue negatively impacting gross margins.

Rivian reported:

  • Revenue: $663 million compared to $742 million expected
  • EPS: ($1.73) compared to ($1.94) expected

Revenue was up 23% to $663 million compared to $536 million in the third quarter. Operating costs fell to $795 million in Q4 compared to over $2 billion last year.

Rivian generated a negative gross profit of $1 billion in the fourth quarter, which was impacted by a lower cost or net realizable value (LCNRV). Altogether Rivian posted a net loss of $1.7 billion, a decrease from $2.4 billion in the same period last year and about the same as Q3 2022.

Rivian ended the quarter with over $12 billion in cash and equivalents after burning through $1.4 billion in the fourth quarter.

Rivian-Q4-2022-earnings-results
Rivian Q4 and full-year 2022 earnings results (Source: Rivian)

Takeaways from Rivian’s fourth-quarter earnings report

Coming into Tuesday, Rivian (RIVN) stock was down about 70% over the past 12 months. The after-hours reaction shows a disappointment, with RIVN falling an additional 8%.

One of the biggest things is guidance; Wall St was expecting about 10,000 more in 2023 delivery guidance, but Rivian is sticking to a modest goal of 50,000. Rivian’s cost-cutting initiatives are working, but investors want to see more from the company’s top line.

The company has sufficient cash to navigate the next phase of its EV rollout, it will come down to execution and staying frugal on its expenses. Rivian says it will be introducing a new battery pack using LFP cell chemistry to broaden its available supply and further reduce costs.

We’ll post any important updates from Rivan’s earnings call below. You can refresh to update.

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Genesis GV90 coach door system revealed in new patent

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Genesis GV90 coach door system revealed in new patent

Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.

New patent reveals Genesis GV90 coach door system

When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.

Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.

The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.

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After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.

The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.

Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.

The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.

Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.

Genesis-GV90-coach-doors
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)

Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.

Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.

Source: USPTO

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Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more

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Podcast: Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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US EV sales stay strong, but looming tariffs threaten affordability

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US EV sales stay strong, but looming tariffs threaten affordability

July EV sales looked strong on the surface, but the looming impact of tariffs and the end of EV tax credits reveal a more complicated picture, according to Cars.com’s new Industry Insights report.

New-vehicle sales jumped 6.6% year-over-year, even as dealer inventory fell for the first time since 2022. Much of the spike came from a “buy now” mindset as shoppers raced to lock in deals before tariffs and policy changes drive prices higher. For EVs in particular, the looming end of the federal $7,500 tax credit on September 30 added another layer of urgency.

EV inventory growth is slowing – for now

Shoppers technically have more EV options than ever, with 75 models on the market – a 27% jump from last year. But new EV inventory growth has slowed to just 9% year-over-year, the lowest since before the Inflation Reduction Act revived federal incentives. Analysts expect another wave of buying before the tax credit vanishes, but after that, higher prices could cool demand, especially with most new EVs still priced in the premium-to-luxury bracket.

Tariffs set to push prices higher

Automakers absorbed an estimated $12 billion in tariff costs in the second quarter alone to keep sticker prices steady. That’s not sustainable, and once those costs flow into 2026 models, EV buyers could be facing thousands more on the same car.

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At current 25% tariff levels, the average new-vehicle price could jump from $48,000 to $54,400 – about $6,400 more. Even if trade deals trim tariffs to 15%, buyers would still see increases of more than $4,000. That’s a huge gap compared to household incomes, which grew only 1% last year.

The used EV market is heating up

While new EV prices are bracing for impact, the used EV market is gaining momentum. Inventory is up 33% year-over-year, while average prices dipped 2% to $36,000. Affordable used EVs under $25,000 – including the Tesla Model 3, Nissan Leaf, and Chevy Bolt EV – are selling 20% faster than average. Many also qualify for the $4,000 used-EV tax credit, which, like the new EV credit, ends September 30.

Read more: Global EV sales hit 10.7M in 2025 – Europe surges, US stalls


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