Rivian plans to launch its Q1 2022 monetary outcomes on Wednesday, Might 11, after the markets shut. After releasing its first quarter outcomes, Rivian will maintain an earnings name to offer a enterprise replace at 2:00 p.m. PT/5:00 p.m. ET.
Rivian introduced that it produced 2,553 automobiles within the first quarter earlier this month. It formally delivered 1,227 electrical automobiles and reaffirmed its objective to construct 25,000 automobiles in 2022.
In March, Rivian trimmed its 2022 manufacturing goal from 40,000 to 25,000 this 12 months, citing provide chain points.
“Waiting for 2022 and past, we’re targeted on persevering with to assist drive the transformation of transportation,” Rivian mentioned in its Shareholder Deck for This fall 2021. “Our path to EV management gained’t be simple. Within the speedy time period, we aren’t proof against the provision chain points which have challenged all the trade. These points, which we consider will proceed by way of not less than 2022, have added a layer of complexity to our manufacturing ramp-up.”
In a 10-Ok SEC submitting launched on March 31, Rivian acknowledged that the continuing Ukraine-Russian struggle has affected its enterprise and operations. The EV producer opened up about value will increase and disruptions to the provision of uncooked supplies and different elements.
Rivian particularly identified the “sizable will increase” in the price of metals like lithium, nickel, aluminum, and cobalt. Fellow EV producer Tesla has additionally commented on the rising worth of lithium. Elon Musk famous that Tesla is reconsidering the concept of mining and refining lithium straight due to latest costs hikes.
Rivian CFO Claire McDonough may be capable of shed some gentle on the corporate’s efficiency within the first quarter early, although. McDonough will take part in The Financial institution of America Securities 2022 World Automotive Summit on Wednesday, April 13, at 2:05 p.m. ET.