Rivian Lost $1.59 Billion And Delivered 1,227 Electric Trucks In Q1 2022 | Carscoops carscoops
Rivian is quickly discovering just how costly it is to get into the automotive industry, reporting a net loss of $1.59 billion in the first quarter.quarterly losses have jumped significantly from the $414 million loss posted in the first quarter last year. They primarily came from higher operating costs, including the fact that Rivian spent $547 million on research and development during the quarter as compared to $121 million in Q1 2021.
“Supply chain continues to be the bottleneck of our production,” Rivian confirmed in a letter to shareholders. “This challenge has continued across a small handful of technical components such as semiconductors, as well as a few non-semiconductor components. Since March 31, 2022, we have been forced to stop production for longer periods than anticipated, resulting in approximately a quarter of the planned production time being lost due to supplier constraints.”ended Q1 2022 with $16.
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