Rivian lost $1.59 billion in the first quarter of 2022 while delivering 1,227 electric trucks
Rivian, the buzzy electric vehicle firm sponsored by Ford and Amazon, posted a net loss of $1.59 billion on $95 million in revenue in the first quarter of 2021. During the last three months, the company delivered 1,227 vehicles to consumers, increasing the total number of deliveries to 2,148.
Rivian reported that it currently has over 90,000 bookings for its R1T and R1S electric vehicles, up from 83,000 in March. According to the company, as of May 9th, it had produced around 5,000 vehicles, including its electric truck, SUV, and Amazon delivery van.
The company reported its first-quarter numbers following a particularly dismal week, with its stock plummeting to all-time lows on news that one of its major investors, Ford, was selling around 8% of its Rivian stock. The stock price of the corporation has dropped by more than 78 percent since the beginning of the year.