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RivianreportedThursday receipts of $ 874 million in the third quarter — more than 12 % lower than analysts ’ estimates — as the EV startup struggled to answer a element shortage that disrupted yield of its recently overhauled flagship R1S and R1 T vehicles .
Last month , Rivian glower itsannual product guidanceto 47,000 to 49,000 vehicles due to the “ acute ” supply problem for a component within its Enduro motor , a single - motor - per - axle organisation used in Rivian R1 fomite . The Enduro motor , which firstdebuted in vehiclesin 2023 , is emblematic of Rivian ’s push to become more vertically desegregate and less reliant on provider . In this face , the effort to bring excogitation in - theatre has negatively affected yield .
“ This has been a tough one-fourth for us because of some of those supply chemical chain or supply Allium tricoccum challenge , and one of those provider in particular has set our yield quite substantially , ” founder and CEO RJ Scaringe said . “ And we ’re working very , very hard to address that . This is one of our highest anteriority in terms of the business , and we ’re meet this is really a short - term issue , but it certainly enclose challenges . ”
While the supplier problem was largely creditworthy for its tax income hit , there was still a break between production and delivery in the third quarter . Rivian said last calendar month it produced 13,157 vehicle and deliver just 10,018 — a difference that suggests demand for its pricey EVs was also a divisor .
The company now says it will revise its annual adjust remuneration guidance to between a $ 2.82 billion and $ 2.87 billion expiration . Rivian had previously estimated an conform earnings loss of $ 2.7 billion .
Rivian ’s third - quarter revenue of $ 874 million is 34.6 % lower than the $ 1.33 billion it mother in the same period last yr . The company said gross from the cut-rate sale of regulative cite were $ 8 million for the quarter . Rivian was able-bodied to reduce operating expense , which helped it nail down loss to $ 1.1 billion .
The gloomy revenue numbers , driven by lower product and deliveries , come as Rivian attempts to rein in price , ameliorate efficiency , and market the next generation of its flagship R1 T pickup truck and R1S SUV as well as commercial-grade vans , which are mainly sold to Amazon . Rivian say it has begin production of a tri - motor variant of the R1 vehicles — a more expensive edition — that could provide some working capital and supply chain relief .
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Rivian said it also continues to make progress on its next - propagation R2 platform , a midsize SUV that Scaringe said “ will be a fundamental driver of Rivian ’s maturation . ”
Rivian denote Thursday a battery supplier partnership with LG Energy Solution ( LGES ) to supply battery for the R2 . Under the correspondence , LGES will furnish 4695 cylindrical bombardment electric cell , which will be produced at a factory in Queen Creek , Arizona .
Rivian say it expects R2 product to start in the first half of 2026 .
