Joel Angel Juarez | Reuters
The all-electric vehicle manufacturer said it is “is not immune to the impacts of the global trade and economic environment,” despite producing all of its trucks and SUVs in the U.S. at a factory in Illinois.
“The current global economic landscape presents significant uncertainty, particularly regarding evolving trade regulation, policies, tariffs, and the overall impact these items may have on consumer sentiment and demand,” the company said Tuesday in its quarterly letter to shareholders.
Rivian’s new guidance includes deliveries of between 40,000 units and 46,000 units, down from a range of 46,000 units to 51,000 units, and capital expenditures of between $1.8 billion and $1.9 billion, up from previous guidance of between $1.6 billion and $1.7 billion.
Rivian reconfirmed plans to achieve a “modest positive gross profit” this year, as well as $1.7 billion to $1.9 billion in losses on an adjusted basis before interest, taxes, depreciation and amortization after its first-quarter results topped Wall Street’s expectations.
Here’s how the company performed in the first quarter, compared with average estimates compiled by LSEG:
- Loss per share: 41 cents vs. a loss of 76 cents expected
- Revenue: $1.24 billion vs. $1.01 billion expected
Notably, the automaker achieved its second consecutive quarter of gross profit during the first quarter — unlocking an expected $1 billion from Volkswagen Group as part of its investment in Rivian following the formation of their joint venture — Rivian and VW Group Technology LLC.
The joint venture was announced last year as part of a $5.8 billion deal that includes funding for Rivian and VW utilizing the EV maker’s software and electrical architecture.
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