Rivian lost $1.59 billion and delivered 1,227 electric trucks in the first quarter of 2022

Photo by Mitchell Clark / The Verge

The electric vehicle company, backed by Ford and Amazon, had a net loss of over $1 billion in the first quarter of 2021. The company said it delivered 1,227 vehicles to customers in the past three months.

As of March, Rivian had 83,000 reservations for its R1T and R1S electric vehicles.

The company released its first-quarter earnings after a particularly bad week, with its stock dropping to all-time lows on the news that one of its prominent investors, Ford, was selling about 8 percent of its shares in Rivian. The company's stock price has plummeted since the beginning of the year.

Rivian's stock price has been falling since its IPO last year, when the company was valued at over $80 billion. Supply chain constraints and manufacturing troubles have slowed its progress. Rivian is having trouble securing materials that are needed to make batteries for its vehicles, as well as the chips that power many of its high-tech features.

Ford has begun delivering the first F-150 Lightning electric pickup trucks to customers. Ford's F-series is expected to drive more customers to switch to electric vehicles, even though Rivian was the first to bring its electric truck to market.

Rivian pulled back on its ambitions and only produced 25,000 vehicles over the course of the year, according to its prior earnings report. Rivian says it is on track to produce a number of vehicles this year.

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