Tesla rival Rivian's third-quarter net loss of $1.23 billion officially announced $5 billion to build a new factory

Financial Associated Press (Shanghai, editor Shi Zhengcheng) news, the U.S. stock market on Thursday, just in the November IPO to raise $13.7 billion in electric vehicle concept stock Rivian released its first financial report after the listing, the first revenue and loss expansion is also expected by the market.

According to the financial report, the company achieved a total revenue of $1 million in the third quarter of this year, an operating loss of $776 million, and a net loss of $1.233 billion, compared with a loss of $288 million in the same period last year. Since the company has previously given forward guidance for losses of $1.21 billion to $1.28 billion, Thursday's data, while not good, is hard to surprise. However, in the context of growth stock pressure, as of press time, the company continued to fall by 3.05% after hours.

(Source: Company Financial Report)

There is no doubt that Rivian is still an "investing in the future" story for now. With well-known shareholders such as Amazon and Ford, Wall Street also has high expectations for this company, and Rivian is also known as the company that is most likely to challenge the industry leader Tesla at present. Touted, analysts, including Bank of America Securities John Murphy, generally expect the company's operating profits to be not likely to return to normal until at least 2025. Until then, companies still need to maintain investor confidence with high growth.

In the Q3 earnings report, Rivian disclosed that as of December 15, the total number of electric pickup truck R1T and electric SUV R1S in the United States and Canada has reached 71,000 units, a further increase of 15,000 units from the november disclosure of data. The company delivered its first R1T and R1S in September and December, respectively, and the EDV, an electric van that received an order from Amazon for 100,000 units, also completed the certification process for sales. As of Dec. 15, Rivian had produced a total of 652 R1 series electric vehicles and delivered 386.

Also in Thursday's earnings report, Rivian also announced that it has reached an agreement with Georgia to build its second plant in the company's history, which is expected to begin construction in the summer of 2022 and began production in 2024, with a design capacity of 400,000 vehicles per year, which will bring 7,500 jobs to the local area, and in the announcement, Rivian expects the investment in the Georgia plant to be about $5 billion.