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EV startup Rivian to build $5 billion plant in Georgia, posts quarterly loss
Reuters
EV startup Rivian to build $5 billion plant in Georgia, posts quarterly loss
Thu, December 16, 2021, 4:21 PM
By Ben Klayman
DETROIT (Reuters) -Amazon-backed electric vehicle startup Rivian Automotive Inc on Thursday said it will build a $5 billion plant in Georgia, its second U.S. assembly plant, as it looks to expand production.
In its first publicly reported quarterly results since it went public last month, Rivian posted a third-quarter net loss of $1.2 billion. Rivian's shares tumbled 9.8% in after-hours trading after the company said it expected production to fall a few hundred vehicles short of its 2021 target of 1,200 and its pre-order numbers disappointed some on Wall Street.
"Launching and ramping production of three different vehicles within a few months is an incredibly tough challenge," Chief Executive R.J. Scaringe said on a conference call.
Issues he cited included global supply-chain constraints, the COVID-19 pandemic, a tight labor market and short-term issues around building electric battery modules.
{snip}
EV startup Rivian to build $5 billion plant in Georgia, posts quarterly loss
Thu, December 16, 2021, 4:21 PM
By Ben Klayman
DETROIT (Reuters) -Amazon-backed electric vehicle startup Rivian Automotive Inc on Thursday said it will build a $5 billion plant in Georgia, its second U.S. assembly plant, as it looks to expand production.
In its first publicly reported quarterly results since it went public last month, Rivian posted a third-quarter net loss of $1.2 billion. Rivian's shares tumbled 9.8% in after-hours trading after the company said it expected production to fall a few hundred vehicles short of its 2021 target of 1,200 and its pre-order numbers disappointed some on Wall Street.
"Launching and ramping production of three different vehicles within a few months is an incredibly tough challenge," Chief Executive R.J. Scaringe said on a conference call.
Issues he cited included global supply-chain constraints, the COVID-19 pandemic, a tight labor market and short-term issues around building electric battery modules.
{snip}
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