Rivian Has Delayed Its Next-Generation R2 Platform Until 2026 | Carscoops carscoops
Rivian will delay its next-generation range of ‘R2’ vehicles until 2026, a year later than previously planned.made the announcement during the release of its third-quarter results. In the July-September period, Rivian delivered some 7,363 vehicles, an increase from the 4,467 vehicles that it delivered in the previous quarter. The EV maker produced approximately 14,000 vehicles in the first nine months of 2022 and confirmed that it is adding a second shift to its plant in Normal, Illinois.
Rivian’s quarterly revenue fell slightly short of analyst expectations at $536 million while its quarterly net loss increased from $1.23 billion in Q3 last year to $1.72 billion this year. However, capital expenses fell dramatically from $467 million in Q3 2021 to $298 million last quarter, in part because the company is delaying some spending until 2023 while continuing to conserve cash.Rivian ended the quarter with $13.8 billion in cash, less than the $14.
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