Rivian (RIVN) reported mixed quarterly results for the first quarter, but will see further cost savings from shifting its upcoming R2 production to its...
) reported mixed quarterly results for the first quarter, but will see further cost savings from shifting its upcoming R2 production to its Normal, Illinois, plant and trimmed its capital expenditure forecast. The EV-maker also reaffirmed its full-year loss forecast, and still sees a "path" to "modest gross profit " in the fourth quarter of this year.
"We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X," CEO RJ Scaringe said in a statement.The company also said as a result of its retooling upgrade and other improvements, Rivian remains "confident in its path to achieving modest gross profit in the fourth quarter of this year.
Last month the company reported first quarter R1T and R1S production of 13,980 and deliveries of 13,588, topping expectations of around 12,400 units. The company also reaffirmed production guidance of 57,000 vehicles in 2024.Part of bringing down those costs came in the form of a 10% salaried staff reduction, with the company citing economic uncertainty.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rivian Q1 preview: Profit path, margins, and vehicle roadmap in focusRivian will give investors a crucial first quarter update on its financials as the pure-play adventure EV maker attempts to turn the tide from losses to...
Read more »
Rivian posts quarterly revenue beat, cuts 2024 capital spending forecastThe 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...
Read more »
Disney earnings, Apple chips, Rivian partnership: 3 ThingsShares of the Walt Disney Co. (DIS) are dropping in Tuesday's pre-market trading after reporting mixed fiscal second-quarter earnings results as the media...
Read more »
Apple-Rivian partnership may be on horizon: DigiTimesApple (AAPL) may form a potential partnership with Rivian (RIVN) to move into the EV space, according to a report from DigiTimes. This comes after Apple has ...
Read more »
Rivian Secures $827 Million in Funding to Expand in IllinoisRivian Automotive Inc. will receive incentives valued at $827 million from Illinois to expand its electric-vehicle plant in the state after the company halted work on a separate facility in Georgia.
Read more »
EV startup Rivian hires Volvo veteran Varela as operations chiefExplore stories from Atlantic Canada.
Read more »