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Re: Rivian cuts jobs, sees annual production below estimates
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Biden economy
Feb 21, 2024, 5:31:51 PMFeb 21
to
On 04 Apr 2022, pothead <pothe...@gmail.com> posted some
news:t2fso2$3jeoj$2...@news.freedyn.de:
> Biden shits pants.
(Reuters) -Rivian said on Wednesday it would cut its workforce by 10% and
forecast EV production this year that widely missed estimates, hurt by
downtime for factory upgrades and slowing demand for electric vehicles due
to high interest rates.
Shares of the company tumbled about 17% in extended trading after Rivian
said it expects to produce 57,000 vehicles in 2024, well below estimates
of 81,700 units, according to eight analysts polled by Visible Alpha. It
produced 57,232 vehicles last year.
"We firmly believe in the full electrification of the automotive industry,
but recognize in the short-term, the challenging macro-economic
conditions," CEO RJ Scaringe said in a statement on Wednesday.
Amazon.com-backed Rivian has been burning through cash to ramp up
production of its R1S SUV and R1T pickup trucks as it spends on building a
new factory in Georgia and loses thousands of dollars on every vehicle it
builds.
The company's cash burn comes at a time when demand for EVs has slowed,
with Tesla CEO Elon Musk warning that high interest rates are making cars
unaffordable.
After shying away from reducing the price of its vehicles last year
despite a price war sparked by Tesla, Rivian this month cut the price of
its R1T pickup trucks and R1S SUVs by $3,100.
Meanwhile, Lucid also forecast production for 2024 that was much lower
than Wall Street's expectations, even after it cut prices of its Lucid Air
luxury electric sedans last week.
Rivian's cash and cash equivalents were $7.86 billion at the end of the
December-quarter, compared with $7.94 billion in the preceding three-month
period.
It also recorded a 10% fall in deliveries in the fourth quarter, missing
estimates, citing lack of deliveries to Amazon in the three-month period
to focus on the holiday period.
However, revenue for the October-December period stood at $1.32 billion,
above Wall Street estimates of $1.26 billion, according to LSEG data.
Rivian has been posting a loss on every vehicle it sells and expects to
record its first quarter of positive gross margin later this year.
https://finance.yahoo.com/news/rivian-forecasts-annual-production-well-
211305205.html
news:t2fso2$3jeoj$2...@news.freedyn.de:
> Biden shits pants.
(Reuters) -Rivian said on Wednesday it would cut its workforce by 10% and
forecast EV production this year that widely missed estimates, hurt by
downtime for factory upgrades and slowing demand for electric vehicles due
to high interest rates.
Shares of the company tumbled about 17% in extended trading after Rivian
said it expects to produce 57,000 vehicles in 2024, well below estimates
of 81,700 units, according to eight analysts polled by Visible Alpha. It
produced 57,232 vehicles last year.
"We firmly believe in the full electrification of the automotive industry,
but recognize in the short-term, the challenging macro-economic
conditions," CEO RJ Scaringe said in a statement on Wednesday.
Amazon.com-backed Rivian has been burning through cash to ramp up
production of its R1S SUV and R1T pickup trucks as it spends on building a
new factory in Georgia and loses thousands of dollars on every vehicle it
builds.
The company's cash burn comes at a time when demand for EVs has slowed,
with Tesla CEO Elon Musk warning that high interest rates are making cars
unaffordable.
After shying away from reducing the price of its vehicles last year
despite a price war sparked by Tesla, Rivian this month cut the price of
its R1T pickup trucks and R1S SUVs by $3,100.
Meanwhile, Lucid also forecast production for 2024 that was much lower
than Wall Street's expectations, even after it cut prices of its Lucid Air
luxury electric sedans last week.
Rivian's cash and cash equivalents were $7.86 billion at the end of the
December-quarter, compared with $7.94 billion in the preceding three-month
period.
It also recorded a 10% fall in deliveries in the fourth quarter, missing
estimates, citing lack of deliveries to Amazon in the three-month period
to focus on the holiday period.
However, revenue for the October-December period stood at $1.32 billion,
above Wall Street estimates of $1.26 billion, according to LSEG data.
Rivian has been posting a loss on every vehicle it sells and expects to
record its first quarter of positive gross margin later this year.
https://finance.yahoo.com/news/rivian-forecasts-annual-production-well-
211305205.html
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