Rivian loses $1.45B 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. That's slightly more than the $1.16 billion expected by Yahoo Finance analysts. Rivian's revenue grew 82% from the $661 million it generated in the first quarter in 2023. Still, that wasn't enough to initially assuage shareholders. Rivian's shares fell more than 4% in after-hours trading. Some cost-cutting relief is on the horizon. Rivian recently finished up a weeks-long shutdown at the Illinois factory where it retooled and changed parts of its manufacturing process. Those upgrades should lower the cost of production and speed it up, according to the company. Rivian said it integrated “nearly 600 new or modified robots” that will make the existing production lines “run more efficiently.” The company's decision earlier this year to shift production of its next
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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