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Rivian says it will fall short of its 2021 EV production target; posts Q3 net loss

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The startup launched its first model in September, the R1T pickup, which is being built at a facility in Normal, Ill. Rivian started deliveries of its R1S SUV this month. It also has an order to produce 100,000 battery-powered delivery vans for Amazon.

Rivian has been prioritizing resources for the Amazon Van project over its own consumer models, Bloomberg reported in October. Rivian said Thursday that it would start deliveries of the first saleable Prime Rivian vans to Amazon this month.

Preorders up

Net preorders for the two R1 models grew to a combined 71,000 as of Dec. 15, Rivian said, up from 55,400 at the end of October. The company has also grown to more than 10,000 employees.

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To support its growth, Rivian said it would start building the EV and battery plant in Georgia next summer, confirming reports by Bloomberg News and other outlets in recent days. The $5 billion site is projected to employ more than 7,500 people and have manufacturing capacity for 400,000 vehicles annually, with production starting in 2024.

Rivian ended the quarter with cash and cash equivalents of $5.2 billion. Factoring in the proceeds of the company’s IPO and the value of its senior secured notes, the company would have $19.9 billion of available cash.

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