Rivian (RIVN) Q4 2022 earnings results – revenue miss, sees 50K deliveries in 2023
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.
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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Slate Auto, a new EV startup backed by Jeff Bezos, has poached a key Tesla manufacturing leader to build its electric pickup truck factory in Indiana.
Napoleon Reyes is a US Marine from Indiana who got a degree in mechanical engineering from Purdue after leaving the force.
He then worked a few years at Subaru and Wabash before joining Tesla’s manufacturing team at the Fremont Factory in 2020.
There, he became part of the Model Y production ramp and was quickly promoted to lead the Model Y General Assembly in Fremont in 2022.
Reyes led Model Y GA, one of the most critical parts of vehicle manufacturing, for more than a year before being promoted again to lead new pilot processes at the factory.
Most recently, he led the launch of the general assembly line for the Model Y refresh.
The new engineering manager announced this week that he is leaving Tesla to join Slate:
A bit late on the post but after nearly 5 years working at Tesla in Fremont, I made the difficult decision to leave the Company and move closer to home with my family. It was an incredible experience being part of multiple line expansions and multiple Model Y program launches. Leading and managing the Model Y Refresh launch for GA in Fremont this year tested me professionally however we ultimately succeeded due to our amazing cross functional team collaboration. It’s been an absolute pleasure working with such great people, and I will forever be proud and thankful for everything we accomplished together.
I will be taking on a new role as Senior Manager, Plant Vehicle Engineering at Slate Auto in Warsaw, In.
Slate emerged from stealth mode earlier this year to unveil a new type of electric pickup truck featuring modular customization and an affordable price.
The company raised over $700 million through two rounds of investments from several different investors, including Jeff Bezos. It is currently raising more, which basically guarantees that it will be able to reach production.
The startup acquired a former printing plant in Warsaw, Indiana. It is currently converting to manufacture its electric pickup with a team from legacy automakers and also several former engineers and leaders from Tesla.
Rich Schmidt, an early Tesla manufacturing director, is the head of manufacturing.
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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.
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.
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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Environment
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:
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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