Rivian’s plans to launch a variety of smaller, extra inexpensive EVs primarily based on a brand new R2 platform have been pushed again a yr to 2026, the corporate stated on Wednesday in a presentation outlining its third quarter monetary outcomes.
Rivian hasn’t stated a lot concerning the autos primarily based on the R2 platform however CEO and founder R.J. Scaringe stated in 2019 the corporate plans to have six fashions in its lineup by 2025. It already presents the R1S SUV and R1T pickup truck, in addition to a supply van developed completely for Amazon.
Rivian hinted at negotiations surrounding a automobile plant to be constructed close to Atlanta, Georgia, as the reason for the delay. The $5 billion plant, which can be Rivian’s second, was first introduced in 2021. Rivian stated on the time development on the plant would begin in mid-2022 and the primary autos can be constructed on the web site in 2024.
Nonetheless, the challenge was held up in September following a ruling by a neighborhood choose, who warned that Rivian’s falling money reserves solid “severe doubt” on whether or not the challenge can be viable.
Rivian on Wednesday stated it’s persevering with to work with Georgia and the state’s Joint Improvement Authority on the plant.
Rivian managed to lift $13.7 billion from an preliminary public providing in 2021 however the firm has been bleeding money as it really works on the brand new fashions and ramps up manufacturing of its current fashions. For the third quarter, Rivian reported a web lack of $1.72 billion on income of $536 million. That compares with a web lack of $1.23 billion on income of $1 million the identical interval a yr in the past.
Rivian stated it constructed roughly 15,000 autos by way of September and that it’s on monitor to construct 25,000 autos in 2022. The corporate additionally stated it stays “assured” in its capacity to fund operations by way of 2025.
The corporate additionally expects a significant enhance with the launch of the R2-based autos. The Georgia plant is to have an annual capability of 400,000 autos, and autos constructed there are deliberate to be bought globally.