Rivian CEO RJ Scaringe said during a conversation with investors that they were unable to fully utilize their production line for “much” of the second quarter.
“We weren’t even able to run a full single shift due to component delivery,” Scaringe said.
The significant losses are in line with Rivian’s expectations for the year. It said the losses were the result of its investments in people, technology and vehicle programs.
Rivian produced 4,401 vehicles in the second quarter and delivered 4,467 vehicles, and production increased 72% from the first quarter of the year when it produced 2,553 vehicles. The automaker plans to produce 25,000 units this year. Rivian’s stock fell 2% in after-hours trading.
The automaker still has more than $15 billion in cash to fund its operations, which it says will be enough to fund its upcoming Georgia plant and a new vehicle platform called R2.
The company also said its delivery vehicles have transported more than 430,000 packages for Amazon since early 2021.