Shulou(Shulou.com)11/24 Report--

March 30, according to foreign media reports, Cox Automotive and Kelly Blue Book reported that electric vehicle startup Rivian delivered 8145 vehicles in the first quarter of this year, much more than the 7000 analysts had expected, which puts the company on track to achieve its target of delivering 50, 000 vehicles by 2023.

On the news, Rivian shares rose 9.88% local time on Wednesday to close at $14.24 (CTOnews.com note: currently about 98 yuan), the company's market capitalization is $13.202 billion (CTOnews.com note: currently about 90.962 billion yuan).

Founded in 2009, Rivian is an emerging electric car maker whose investors include Ford, Amazon and Cox Motor Co., and is considered one of the most threatening competitors to Tesla.

In the fourth quarter of 2022, the company posted a net loss of $1.723 billion (CTOnews.com Note: about 11.871 billion yuan), compared with a net loss of $2.461 billion in the same period last year (CTOnews.com Note: about 16.956 billion yuan). But for all of 2022, the company posted a net loss of $6.752 billion (CTOnews.com Note: currently about 46.521 billion yuan), up from a net loss of $4.688 billion the previous year.

At present, the company has experienced two large-scale layoffs and has taken many cost-cutting measures to help it make a profit as soon as possible.

In terms of production and delivery, the company produced 10020 vehicles in the fourth quarter of 2022, an increase of 36 per cent month-on-month, and delivered 8054 vehicles, an increase of 22.3 per cent over the previous quarter. For the whole of 2022, the company produced 24337 vehicles, only 663 fewer than its overall target of 25000 vehicles in 2022, and delivered 20332 vehicles.

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