Electric vehicle maker Rivian continues to face financial woes following the release of its third quarter financial results for 2022, reporting a $US1.724 billion ($NZ2.863 billion) loss.
That number was somewhat softened by a reported $US536 million ($NZ891 million) in revenue.
The American brand ended its third quarter with $US13.8 billion ($NZ23 billion) in cash, lower than its second quarter figure of $US14.9 billion ($NZ24.7 billion).
In the past few months, supply chain disruptions and increasing material costs have hit the company hard which it blames for the financial blow.
Regardless, it still managed to ramp up production to 7363 vehicles in the third quarter alone which is a significant increase over the 4401 it made in the quarter prior.
Rivian still has a backlog of 114,000 orders for its R1T pickup and R1S SUV to get through. And there is the 100,000 delivery vans for Amazon, of which it has only made 1000.
Things are still looking up for Rivian even with the large loss as Mercedes-Benz announced it was planning a joint venture with the brand to manufacture electric vans in Eastern Europe in the coming years.
Rivian also plans to produce a series of smaller R2 vehicles by 2026 which may have to go on the backburner as it catches up on R1 orders.
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