Rivian (NASDAQ: RIVN) missed Wall Street consensus estimates after reporting a loss of $2.43 per share and revenue of $54 million.
Wall Street expected Rivian to lose $1.64 per share and was expecting a consensus estimate of $61.18 million. The company also was expected to announce a 2022 delivery goal of 40,000 units but suggested guidance of around 25,000 vehicles instead.
Rivian shares were down over 12 percent in aftermarket trading. The stock closed at $41.16 on Thursday.
Despite the tough Q4 financial figures, Rivian had several accomplishments in 2021. Not only did it start production and deliveries of all three of its vehicles, but it also had its flagship pickup, the R1T, voted as MotorTrend’s 2022 Truck of the Year. Additionally, Rivian announced it would build a new manufacturing facility in the United States in Georgia.
“Looking ahead to 2022 and beyond, we are focused on continuing to help drive the transformation of transportation,” Rivian said in its Shareholder Deck. “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.”
For the next year, Rivian stated it will remain focused on ramping production at the Normal, Illinois plant. Additionally, Rivian said it will develop ” a heat pump-based thermal system for improved cold weather efficiency as well as a range of new battery packs including both high nickel and lithium iron phosphate (LFP) chemistries.” High-nickel packs are becoming a more popular development for many electric automakers as companies attempt to move away from controversial materials in battery packs. However, nickel is not as readily available as many once thought, so LFP chemistries are also being considered as a potential alternative.
Rivian said 2022 started off slowly due to persistent supply chain constraints, a planned 10-day shutdown to fine-tune production lines, COVID-19 cases, and severe weather in Central Illinois. Manufacturing is picking up, however. Rivian said, “As of March 8, we have produced 1,410 vehicles in 2022 and 2,425 vehicles since the start of production.”
Amazon Partnership
Rivian said its partnership with Amazon is extremely strong, and it delivered its first EDV to Amazon at the end of 2021. As Rivian continues to scale the R1T and R1S and work with suppliers to decrease bottlenecks, the company is “working in close partnership with Amazon to refine the digital integration of the EDV as well as our software platform to support the most effective operation of the vehicles,” it said.
Apart from the EDV-700, Rivian announced that it has also successfully produced the European version of the van, the EDV-500. A narrower and shorter version of the original van, it is better suited for expanding markets and geographies where smaller form factors are more advantageous.
Rivian’s Earnings Call will available via webcast at this link.
Disclosure: Joey Klender is not a RIVN Shareholder.
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Elon Musk
Brazil Supreme Court orders Elon Musk and X investigation closed
The decision was issued by Supreme Court Justice Alexandre de Moraes following a recommendation from Brazil’s Prosecutor-General Paulo Gonet.
Brazil’s Supreme Federal Court has ordered the closure of an investigation involving Elon Musk and social media platform X. The inquiry had been pending for about two years and examined whether the platform was used to coordinate attacks against members of the judiciary.
The decision was issued by Supreme Court Justice Alexandre de Moraes following a recommendation from Brazil’s Prosecutor-General Paulo Gonet.
According to a report from Agencia Brasil, the investigation conducted by the Federal Police did not find evidence that X deliberately attempted to attack the judiciary or circumvent court orders.
Prosecutor-General Paulo Gonet concluded that the irregularities identified during the probe did not indicate fraudulent intent.
Justice Moraes accepted the prosecutor’s recommendation and ruled that the investigation should be closed. Under the ruling, the case will remain closed unless new evidence emerges.
The inquiry stemmed from concerns that content on X may have enabled online attacks against Supreme Court justices or violated rulings requiring the suspension of certain accounts under investigation.
Justice Moraes had previously taken several enforcement actions related to the platform during the broader dispute involving social media regulation in Brazil.
These included ordering a nationwide block of the platform, freezing Starlink accounts, and imposing fines on X totaling about $5.2 million. Authorities also froze financial assets linked to X and SpaceX through Starlink to collect unpaid penalties and seized roughly $3.3 million from the companies’ accounts.
Moraes also imposed daily fines of up to R$5 million, about $920,000, for alleged evasion of the X ban and established penalties of R$50,000 per day for VPN users who attempted to bypass the restriction.
Brazil remains an important market for X, with roughly 17 million users, making it one of the platform’s larger user bases globally.
The country is also a major market for Starlink, SpaceX’s satellite internet service, which has surpassed one million subscribers in Brazil.
Elon Musk
FCC chair criticizes Amazon over opposition to SpaceX satellite plan
Carr made the remarks in a post on social media platform X.
U.S. Federal Communications Commission (FCC) Chairman Brendan Carr criticized Amazon after the company opposed SpaceX’s proposal to launch a large satellite constellation that could function as an orbital data center network.
Carr made the remarks in a post on social media platform X.
Amazon recently urged the FCC to reject SpaceX’s application to deploy a constellation of up to 1 million low Earth orbit satellites that could serve as artificial intelligence data centers in space.
The company described the proposal as a “lofty ambition rather than a real plan,” arguing that SpaceX had not provided sufficient details about how the system would operate.
Carr responded by pointing to Amazon’s own satellite deployment progress.
“Amazon should focus on the fact that it will fall roughly 1,000 satellites short of meeting its upcoming deployment milestone, rather than spending their time and resources filing petitions against companies that are putting thousands of satellites in orbit,” Carr wrote on X.
Amazon has declined to comment on the statement.
Amazon has been working to deploy its Project Kuiper satellite network, which is intended to compete with SpaceX’s Starlink service. The company has invested more than $10 billion in the program and has launched more than 200 satellites since April of last year.
Amazon has also asked the FCC for a 24-month extension, until July 2028, to meet a requirement to deploy roughly 1,600 satellites by July 2026, as noted in a CNBC report.
SpaceX’s Starlink network currently has nearly 10,000 satellites in orbit and serves roughly 10 million customers. The FCC has also authorized SpaceX to deploy 7,500 additional satellites as the company continues expanding its global satellite internet network.
Energy
Tesla Energy gains UK license to sell electricity to homes and businesses
The license was granted to Tesla Energy Ventures Ltd. by UK energy regulator Ofgem after a seven-month review process.
Tesla Energy has received a license to supply electricity in the United Kingdom, opening the door for the company to serve homes and businesses in the country.
The license was granted to Tesla Energy Ventures Ltd. by UK energy regulator Ofgem after a seven-month review process.
According to Ofgem, the license took effect at 6 p.m. local time on Wednesday and applies to Great Britain.
The approval allows Tesla’s energy business to sell electricity directly to customers in the region, as noted in a Bloomberg News report.
Tesla has already expanded similar services in the United States. In Texas, the company offers electricity plans that allow Tesla owners to charge their vehicles at a lower cost while also feeding excess electricity back into the grid.
Tesla already has a sizable presence in the UK market. According to price comparison website U-switch, there are more than 250,000 Tesla electric vehicles in the country and thousands of Tesla home energy storage systems.
Ofgem also noted that Tesla Motors Ltd., a separate entity incorporated in England and Wales, received an electricity generation license in June 2020.
The new UK license arrives as Tesla continues expanding its global energy business.
Last year, Tesla Energy retained the top position in the global battery energy storage system (BESS) integrator market for the second consecutive year. According to Wood Mackenzie’s latest rankings, Tesla held about 15% of global market share in 2024.
The company also maintained a dominant position in North America, where it captured roughly 39% market share in the region.
At the same time, competition in the energy storage sector is increasing. Chinese companies such as Sungrow have been expanding their presence globally, particularly in Europe.
Brazil Supreme Court orders Elon Musk and X investigation closed
FCC chair criticizes Amazon over opposition to SpaceX satellite plan
