√Electric ute maker Rivian reports $US4.7 billion loss

The start-up – which is partially owned by Ford and Amazon – delivered just 920 vehicles to customers in 2021.

Electric ute maker Rivian delivered just

920 vehicles to customers in 2021, and reported a $US4.7 billion ($AU6.4 billion) loss for the period – according to its most recent letter to investors.

The California-based marque claims to have 83,000 preorders for its R1T pick-up and and R1S SUV, however says worsening supply constraints mean it will be limited to

25,000 build slots this year.

“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,” the manufacturer – which is partially owned by Ford and Amazon – said.

“Those issues – which we believe will continue through at least 2022 – have added a layer of complexity to our production ramp-up … We are working diligently and collaboratively with suppliers to identify and head off problems or constraints as quickly as possible.”

Following the news, stock in the manufacturer fell from $US67.56 ($AU92.10) to $US41.16 ($AU56.10) almost immediately – a drop of 39.5 per cent.

When floated in December 2021, Rivian stock peaked at $US172.01 ($AU234.50) – making it the best-funded electric vehicle start-up of all time – however valuation has tapered off by 76 per cent in the months since.

The company currently builds (or will soon build) three vehicles: the R1T pick-up truck, a R1S SUV, and an EDV delivery van for Amazon.

Rivian attracted widespread criticism earlier this month when it raised the prices on vehicles it had already taken deposits on. However, it subsequently reversed the decision following customer backlash.

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