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Rivian Q4 and Full Year 2021 financial results to be released March 10, 2022

(Credit: Rivian)

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Rivian will release its Q4 and Full Year 2021 financial results on Thursday, March 10, 2022, after the market closes. The EV maker will host an auto webcast to discuss the results and provide a business update at 2:00 pm PT/5:00 pm ET on the same day. 

On January 10, Rivian reported that it produced 1,015 vehicles in 2021. The company delivered approximately 920 cars to customers last year. 

Rivian also made several other notable achievements in 2021. In early November 2021, Rivian (RIVN) priced its initial public offering (IPO) at $78 per share, valuing the company at $77 billion on a fully-diluted basis. Its initial IPO officially opened 37% higher than its $78 price. When the market closed on Thursday, February 3, RIVN was down by -6.16% at $60.36. 

(Credit: Rivian)

Besides the RIVN IPO, Rivian also announced the construction of another factory in Georgia. Plans for the site reveal that Rivian’s Georgia plant will span 19,620,000 square feet within a 1,978-acre parcel of land. The Rivian factory will have a large 144-stall charging station for outbound vehicles and feature an Adventure Trail close to the plant’s test track. 

In its Q3 financial results, Rivian reported generating a total revenue of $1 million in its first quarter of revenues that ended on September 30,2021. Rivian delivered 11 R1T pickup trucks in the third quarter of 2021. The company generated a negative gross profit of $82 million in Q3 2021, which Rivian related primarily to significant labor and overhead costs from its Normal Factory. 

Rivian also shared that its total operating expenses in the previous quarter grew to $694 million, up 141% compared to the third quarter of 2020. Research and development expenses also increased from $220 million in Q3 2020 to $441 in the third quarter of 2021. The increase in expenses was attributed to increased efforts in Rivian’s R1 vehicle and electric delivery van (EDV) programs and increased overhead costs in advanced product-development activities. 

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Rivian also experienced an increase in selling, general, and administrative (SG&A) expenses from $68 million in the third quarter of 2020 to $253 million in Q3 2021. The EV automaker experienced a loss, totaling $776 million from operations last quarter.

The Teslarati team would appreciate hearing from you. If you have any tips, reach out to me at maria@teslarati.com or via Twitter @Writer_01001101.

Maria--aka "M"-- is an experienced writer and book editor. She's written about several topics including health, tech, and politics. As a book editor, she's worked with authors who write Sci-Fi, Romance, and Dark Fantasy. M loves hearing from TESLARATI readers. If you have any tips or article ideas, contact her at maria@teslarati.com or via X, @Writer_01001101.

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Tesla Robotaxi Safety Monitor seems to doze off during Bay Area ride

We won’t try to blame the camera person for the incident, because it clearly is not their fault. But it seems somewhat interesting that they did not try to wake the driver up and potentially contact Tesla immediately to alert them of the situation.

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Credit: u/ohmichael on Reddit

A Tesla Robotaxi Safety Monitor appeared to doze off during a ride in the California Bay Area, almost ironically proving the need for autonomous vehicles.

The instance was captured on camera and posted to Reddit in the r/sanfrancisco subreddit by u/ohmichael. They wrote that they have used Tesla’s ride-hailing service in the Bay Area in the past and had pleasant experiences.

However, this one was slightly different. They wrote:

“I took a Tesla Robotaxi in SF just over a week ago. I have used the service a few times before and it has always been great. I actually felt safer than in a regular rideshare.

This time was different. The safety driver literally fell asleep at least three times during the ride. Each time the car’s pay attention safety alert went off and the beeping is what woke him back up.

I reported it through the app to the Robotaxi support team and told them I had videos, but I never got a response.

I held off on posting anything because I wanted to give Tesla a chance to respond privately. It has been more than a week now and this feels like a serious issue for other riders too.

Has anyone else seen this happen?”

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My Tesla Robotaxi “safety” driver fell asleep
byu/ohmichael insanfrancisco

The driver eventually woke up after prompts from the vehicle, but it is pretty alarming to see someone like this while they’re ultimately responsible for what happens with the ride.

We won’t try to blame the camera person for the incident, because it clearly is not their fault. But it seems somewhat interesting that they did not try to wake the driver up and potentially contact Tesla immediately to alert them of the situation.

They should have probably left the vehicle immediately.

Tesla’s ride-hailing service in the Bay Area differs from the one that is currently active in Austin, Texas, due to local regulations. In Austin, there is no Safety Monitor in the driver’s seat unless the route requires the highway.

Tesla plans to remove the Safety Monitors in Austin by the end of the year.

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Tesla opens Robotaxi access to everyone — but there’s one catch

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Credit: Tesla

Tesla has officially opened Robotaxi access to everyone and everyone, but there is one catch: you have to have an iPhone.

Tesla’s Robotaxi service in Austin and its ride-hailing service in the Bay Area were both officially launched to the public today, giving anyone using the iOS platform the ability to simply download the app and utilize it for a ride in either of those locations.

It has been in operation for several months: it launched in Austin in late June and in the Bay Area about a month later. In Austin, there is nobody in the driver’s seat unless the route takes you on the freeway.

In the Bay Area, there is someone in the driver’s seat at all times.

The platform was initially launched to those who were specifically invited to Austin to try it out.

Tesla confirms Robotaxi is heading to five new cities in the U.S.

Slowly, Tesla launched the platform to more people, hoping to expand the number of rides and get more valuable data on its performance in both regions to help local regulatory agencies relax some of the constraints that were placed on it.

Additionally, Tesla had its own in-house restrictions, like the presence of Safety Monitors in the vehicles. However, CEO Elon Musk has maintained that these monitors were present for safety reasons specifically, but revealed the plan was to remove them by the end of the year.

Now, Tesla is opening up Robotaxi to anyone who wants to try it, as many people reported today that they were able to access the app and immediately fetch a ride if they were in the area.

We also confirmed it ourselves, as it was shown that we could grab a ride in the Bay Area if we wanted to:

The launch of a more public Robotaxi network that allows anyone to access it seems to be a serious move of confidence by Tesla, as it is no longer confining the service to influencers who are handpicked by the company.

In the coming weeks, we expect Tesla to then rid these vehicles of the Safety Monitors as Musk predicted. If it can come through on that by the end of the year, the six-month period where Tesla went from launching Robotaxi to enabling driverless rides is incredibly impressive.

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Tesla analyst sees Full Self-Driving adoption rates skyrocketing: here’s why

“You’ll see increased adoption as people are exposed to it. I’ve been behind the wheel of several of these and the different iterations of FSD, and it is getting better and better. It’s something when people experience it, they will be much more comfortable utilizing FSD and paying for it.”

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tesla interior operating on full self driving
Credit: TESLARATI

Tesla analyst Stephen Gengaro of Stifel sees Full Self-Driving adoption rates skyrocketing, and he believes more and more people will commit to paying for the full suite or the subscription service after they try it.

Full Self-Driving is Tesla’s Level 2 advanced driver assistance suite (ADAS), and is one of the most robust on the market. Over time, the suite gets better as the company accumulates data from every mile driven by its fleet of vehicles, which has swelled to over five million cars sold.

The suite features a variety of advanced driving techniques that many others cannot do. It is not your typical Traffic-Aware Cruise Control (TACC) and Lane Keeping ADAS system. Instead, it can handle nearly every possible driving scenario out there.

It still requires the driver to pay attention and ultimately assume responsibility for the vehicle, but their hands are not required to be on the steering wheel.

It is overwhelmingly impressive, and as a personal user of the FSD suite on a daily basis, I have my complaints, but overall, there are very few things it does incorrectly.

Tesla Full Self-Driving (Supervised) v14.1.7 real-world drive and review

Gengaro, who increased his Tesla price target to $508 yesterday, said in an interview with CNBC that adoption rates of FSD will increase over the coming years as more people try it for themselves.

At first, it is tough to feel comfortable with your car literally driving you around. Then, it becomes second nature.

Gengaro said:

“You’ll see increased adoption as people are exposed to it. I’ve been behind the wheel of several of these and the different iterations of FSD, and it is getting better and better. It’s something when people experience it, they will be much more comfortable utilizing FSD and paying for it.”

Tesla Full Self-Driving take rates also have to increase as part of CEO Elon Musk’s recently approved compensation package, as one tranche requires ten million active subscriptions in order to win that portion of the package.

The company also said in the Q3 2025 Earnings Call in October that only 12 percent of the current ownership fleet are paid customers of Full Self-Driving, something the company wants to increase considerably moving forward.

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