{"id":1601950,"date":"2022-08-11T18:39:35","date_gmt":"2022-08-11T22:39:35","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1601950"},"modified":"2022-08-11T18:39:47","modified_gmt":"2022-08-11T22:39:47","slug":"ev-maker-rivian-beats-revenue-estimate-expects-wider-operating-loss","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ev-maker-rivian-beats-revenue-estimate-expects-wider-operating-loss\/","title":{"rendered":"EV maker Rivian beats revenue estimate, expects wider operating loss"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fev-maker-rivian-beats-revenue-estimate-expects-wider-operating-loss%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1601950&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Akash Sriram and Paul Lienert<\/p>\n<p>(Reuters) -Electric-vehicle maker Rivian Automotive Inc on Thursday forecast a wider operating loss for the year, but shares rose 1% in after-hours trade as the company beat quarterly revenue estimates.<\/p>\n<p>Rivian said it now expects to post an adjusted loss before interest, taxes, depreciation and amortization of $5.45 billion, compared with a previously projected loss of $4.75 billion.<\/p>\n<p>Still, Rivian built fewer than 7,000 vehicles in the first half, but reaffirmed its full-year target of 25,000. <\/p>\n<p>The Irvine, California-based company said it plans to add a shift to its Normal, Illinois, assembly plant by the end of the third quarter, but also noted that it expects higher raw material costs and other supply-chain challenges to continue.<\/p>\n<p>In the second quarter ended June 30, the EV maker delivered 4,467 vehicles, up from 1,227 in the previous three months.<\/p>\n<p>At the end of June, Rivian said it had unsold inventory worth $655 million.<\/p>\n<p>The company said it has received about 98,000 unfilled pre-orders for its R1S SUV and R1T pickup truck.<\/p>\n<p>Revenue was $364 million in the second quarter, compared with the $337.5 million expected by analysts, according to IBES data from Refinitiv.<\/p>\n<p>Net loss widened to $1.71 billion, from $580 million a year earlier.<\/p>\n<p>Rivian burned through $1.2 billion in the quarter, leaving it with $14.9 billion in cash \u2013 enough to cover the $5 billion earmarked to open its second U.S. assembly plant, outside Atlanta, in 2025, the company said.<\/p>\n<p>To help conserve cash as it attempts to ramp up production, Rivian said it has delayed some programs to 2023. Capital expenses in the quarter fell to $359 million, from $431 million a year earlier when the company was readying the Illinois plant for the start of production.<\/p>\n<p> (Reporting by Akash Sriram in Bengaluru and Paul Lienert in DetroitEditing by Aditya Soni and Matthew Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2736803\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/tagreuters.com2022binary_LYNXMPEI7A0XF-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI7A0XF-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Akash Sriram and Paul Lienert (Reuters) -Electric-vehicle maker Rivian Automotive Inc on Thursday forecast a wider operating loss for the year, but shares rose 1% in after-hours trade as<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1601950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1601950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1601950"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1601950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1601950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1601950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1601950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}