17 December Rivian published its first post-IPO quarterly report. According to the company, due to a shortage of components, it will reduce the production of cars in 2021 by several hundred. After the report, RIVN shares fell by 9%, to 99 $.
What does it do
Rivian is a manufacturer of R1 electric jeeps and EDV electric trucks.. Basically, the company can only boast of pre-orders.: jeeps - 71 thousand, trucks - 100 thousand. Buy all trucks by 2030 Amazon. So does Ford, Amazon is one of the car company's shareholders.
By mid-December, Rivian had produced 652 R1 SUVs., 386 of which sold. This year the company planned to assemble 1200 cars., but due to supply disruptions and a shortage of batteries will cut production by several hundred.
So far, Rivian has only one factory., which can produce 150-200 thousand cars per year. By 2024, the company expects to launch another production for 400,000 vehicles.. New plant to cost Rivian $5bn.
Quarterly successes
In the third quarter, which ended 30 September, Rivian sold the first 11 SUVs and earned a million dollars. Net loss for the quarter turned out to be slightly larger - $ 1,233 million.
First after Tesla
Rivian held an IPO 10 november. On the first day, investors inspired by the success of Tesla began to buy shares of the company from the “hot” industry., despite the complete lack of revenue and profit. A week later, Rivian's shares rose by 60%, capitalization - up to 154 billion dollars, as in GM and Ford, combined. By the beginning of December, the share price fell to the IPO level..
Part of this popularity Rivian owes to analysts. They call the head of the company Superman and declare, that only Rivian can challenge Tesla.
Despite these assessments, it's too early to talk about Rivian's success. A company with no revenue faces billions of capital expenditures in the coming years. Bank of America estimates, Rivian to report first operating profit no earlier than 2025.
