Plans to launch a range of smaller, more affordable Rivian EVs based on a new R2 platform have been pushed back a year to 2026, the company said on Wednesday in a presentation outlining its third-quarter financial results.
Rivian hasn't said much about the vehicles based on the R2 platform but CEO and founder R.J. Scaringe said in 2019 the company plans to have six models in its lineup by 2025. It already offers the R1S SUV and R1T pickup truck, as well as a delivery van developed exclusively for Amazon.
Rivian hinted at negotiations surrounding a vehicle plant to be constructed near Atlanta, Georgia, as the cause of the delay. The $5 billion plant, which will be Rivian's second, was first announced in 2021. Rivian said at the time construction on the plant would start in mid-2022 and the first vehicles would be built at the site in 2024.
However, the project was held up in September following a ruling by a local judge, who warned that Rivian's falling cash reserves cast “serious doubt” on whether the project would be viable.
Rivian on Wednesday said it is continuing to work with Georgia and the state's Joint Development Authority on the plant.
Rivian managed to raise $13.7 billion from an initial public offering in 2021 but the company has been bleeding cash as it works on the new models and ramps up production of its existing models. For the third quarter, Rivian reported a net loss of $1.72 billion on revenue of $536 million. That compares with a net loss of $1.23 billion on revenue of $1 million the same period a year ago.
Rivian said it built approximately 15,000 vehicles through September and that it is on track to build 25,000 vehicles in 2022. The company also said it remains confident in its ability to fund operations through 2025.
The company also expects a major boost with the launch of the R2-based vehicles. The Georgia plant is to have an annual capacity of 400,000 vehicles, and vehicles to be built there will be sold globally.
