Rivian plans to release its Q1 2022 financial results on Wednesday, May 11, after the markets close. After releasing its first quarter results, Rivian will hold an earnings call to provide a business update at 2:00 p.m. PT/5:00 p.m. ET.
Rivian announced that it produced 2,553 vehicles in the first quarter earlier this month. It officially delivered 1,227 electric vehicles and reaffirmed its goal to build 25,000 cars in 2022.
In March, Rivian trimmed its 2022 production target from 40,000 to 25,000 this year, citing supply chain issues.
“Looking ahead to 2022 and beyond, we are focused on continuing to help drive the transformation of transportation,” Rivian said in its Shareholder Deck for Q4 2021. “Our path to EV leadership won’t be easy. In the immediate term, we are not immune to the supply chain issues that have challenged the entire industry. Those issues, which we believe will continue through at least 2022, have added a layer of complexity to our production ramp-up.”
In a 10-K SEC filing released on March 31, Rivian stated that the ongoing Ukraine-Russian war has affected its business and operations. The EV manufacturer opened up about cost increases and disruptions to the supply of raw materials and other components.
Rivian specifically pointed out the “sizable increases” in the cost of metals like lithium, nickel, aluminum, and cobalt. Fellow EV manufacturer Tesla has also commented on the rising price of lithium. Elon Musk noted that Tesla is reconsidering the idea of mining and refining lithium directly because of recent prices hikes.
Rivian CFO Claire McDonough might be able to shed some light on the company’s performance in the first quarter early, though. McDonough will participate in The Bank of America Securities 2022 Global Automotive Summit on Wednesday, April 13, at 2:05 p.m. ET.
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