Rivian CEO R.J. Scaringe said in a phone call with investors that they weren’t able to fully utilize their product line during “the big part” of the second quarter.
“We weren’t even able to work a full shift due to component deliveries,” Scaringe said.
Huge losses are in line with Rivian’s expectations for the year. He said the losses stemmed from his investment in people, technology and vehicle programs.
Rivian produced 4,401 vehicles in the second quarter and delivered 4,467 vehicles, and its production increased by 72% compared to the first quarter of the year, when it produced 2,553 vehicles. This year, the automaker plans to produce 25,000 units. Rivian shares fell 2% after hours.
The automaker still has more than $15 billion in cash to fund its operations, which it says will be enough to fund a new plant in Georgia and a new car platform dubbed R2.
The company also said its delivery vehicles have delivered more than 430,000 packages for Amazon since the start of 2021.