Rivian is focused on finding other sources of rare earth materials and magnets, says CEO RJ Scaringe

Financial Performance - Rivian reported a smaller than expected loss of $0.65 per share, compared to the street's expectation of a $0.72 loss per share [1] - Revenue came in slightly better than expected at $1.56 billion [1] - Rivian reported a gross profit of $24 million for the third quarter [2] - Gross margin was 2%, compared to negative 45% in Q3 of last year [2] - Software and services revenue reached $154 million, a significant increase from a loss of $13 million in Q3 of the previous year [2] Guidance and Production - Rivian reaffirmed its delivery guidance between 41,500 and 43,500 vehicles [3] - The company maintains its Ibida loss guidance of $2.25 billion to $2.5 billion [3] - Rivian is on track to begin R2 production in the middle of next year [3] - Rivian has over $7 billion in cash or cash equivalents, positioning it well for the R2 launch [5] Supply Chain and External Factors - The next chip situation is a complex issue affecting every automotive manufacturer globally [7] - Rare earth metal sourcing is a complex long-term issue, and Rivian is focusing on finding alternative sources and developing solutions requiring less of these metals [8][9] - The company does not foresee the next chip or rare earth issues delaying the start of R2 production [9] EV Market - The EV market experienced a pull forward in September due to the end of IRA, followed by a lull in October [11] - Rivian believes that long-term, EVs will continue to grow in scale and market penetration [11]