Rivian posts quarterly revenue beat, cuts 2024 capital spending forecast [CNBC]
Rivian Automotive, Inc. (RIVN)
Company Research
Source: CNBC
The company also cut its annual capital expenditure forecast by $550 million to $1.2 billion, as it moved the start of production of its R2 midsize SUV to its Normal, Illinois plant. Analysts were expecting capital spending of $1.59 billion. In March, Rivian, known for its larger R1S SUVs and R1T pickup trucks, said it would start producing the more affordable R2 vehicles at its existing Illinois factory to speed up deliveries in the first half of 2026 instead of a proposed plant in Georgia. That, it has said, would save the company more than $2 billion in expenses. The company expects to make 57,000 units this year, while analysts expect Rivian to make 62,277 vehicles in 2024, according to nine analysts polled by Visible Alpha. In February, Rivian introduced a lower-cost variant of the R1T pickup truck and R1S SUV to drum up demand that has slowed due to high interest rates and customers gravitating to less-expensive gasoline-hybrid vehicles. The Amazon.com -backed company h
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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