Rivian will produce its target of 25,000 electric pickups and other vehicles this year, according to the company, amid a second quarter net loss of $1.7 billion.
The company produced 4,401 vehicles in the quarter, up from 2,553 in Q1 2022.
Revenue for the quarter was $364 million, as operating expenses grew to $1.0 billion compared to $580 million in the first quarter. The company cited “investment in people, technology, and vehicle prgrams” for the increase.
In its letter to stockholders, the company stated:
“Our core focus remains on ramping production….However, we believe that supply chain constraints will continue to be the limiting factor of our production.
Source: Rivian
