(CNN Business)Rivian said Thursday it lost $1.7 billion in the second quarter of 2022. Production amid the ongoing supply chain crisis. The automaker's losses more than doubled from the same period last year, when he lost $580 million.
Rivian's CEO, RJ Scaringe, said on a conference call with investors that production lines were underutilized during "a lot" of the second quarter. .
"We couldn't even run a full shift because of component supplies," he said Scaringe.
The heavy losses are in line with Rivian's expectations for this year. It said the loss was due to investments in people, technology and vehicle programs.
In the second quarter, Rivian produced 4,401 vehicles and delivered 4,467 vehicles. That output is up 72% from the first quarter of this year, when he produced 2,553 vehicles. The automaker plans to produce 25,000 units this year. Rivian's stock fell 2% in after-hours trading.
Automakers still have more than $15 billion in cash to fund their operations, including an upcoming manufacturing plant in Georgia and a new vehicle platform called R2. said it was sufficient to raise funds for
The company also said its delivery vehicles have carried more than 430,000 packages for Amazon since early 2021.