Rivian loses $1.45 billion as cost-cutting measures continue [TechCrunch]
Rivian Automotive, Inc. (RIVN)
Company Research
Source: TechCrunch
The EV-maker brought in $1.2 billion in revenue in the period, coming in just under its record haul from the prior quarter, according to its first-quarter earnings report that was released Tuesday after markets closed. Rivian's revenue grew 82% from the $661 million it generated in the first quarter in 2023. The Q1 revenue figure, while showing growth year-over-year, reflected a somewhat tepid sales quarter. The company reported in April it produced 13,980 vehicles and delivered 13,588 of them in the first quarter of 2024. Both of those figures are down from the fourth quarter of 2023, where it built 17,541 and shipped 13,972. Rivian reaffirmed on Tuesday that it plans to make around the same number of EVs as it did in 2023. Rivian had an eventful first quarter that included a splashy reveal of its future R2 and R3 EV lineup as well as more belt tightening and layoffs. In February, Rivian laid off 10% of its workforce as the EV startup tried to rein in costs. This was the third
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RIVN
News
- Troubled EV maker Fisker closing Manhattan Beach headquarters [Yahoo! Finance]Yahoo! Finance
- Mercedes-Benz workers in Alabama vote against unionizing in blow to big UAW push [Yahoo! Finance]Yahoo! Finance
- Troubled EV maker Fisker closing Manhattan Beach headquarters [Los Angeles Times (CA)]Los Angeles Times
- Investors in Rivian Automotive, Inc. Should Contact Levi & Korsinsky Before June 18, 2024 to Discuss Your Rights - RIVNAccesswire
- Investors who lost money on Rivian Automotive, Inc. (RIVN) should contact Levi & Korsinsky about pending Class Action - RIVNAccesswire
RIVN
Earnings
- 5/7/24 - Beat
RIVN
Sec Filings
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- RIVN's page on the SEC website