Rivian Automotive (NASDAQ: RIVN) saw its stock reach a record low after the company released its Q4 results, which included a production and profit forecast that missed Wall Street expectations. According to the report, the company anticipates that vehicle production for 2024 will total an estimated 57,000 units, which is significantly lower than the 80,000 units projected. In addition, the company noted that in terms of full-year profitability, it estimates an adjusted EBITDA loss of $2.7 billion vs. the $2.59 billion expected, with capital expenditure outlays hitting $1.75 billion vs. the $2.37 billion forecast. Rivian also announced plans to lay off 10% of salaried staff. Following the report, Rivian stock fell more than 27% in midday trading. “We made great progress in 2023 despite economic headwinds, and we’re excited about the year ahead,” said Rivian CEO RJ Scaringe in the press release. “We firmly believe in the full electrification of the automotive industry but recognize in the short-term the challenging macro-economic conditions. We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth.”
To view the full press release, visit https://ibn.fm/7tWjq
About Rivian Automotive Inc.
Rivian exists to create products and services that help the planet transition to carbon-neutral energy and transportation. Rivian designs, develops and manufactures category-defining electric vehicles and accessories and sells those items directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. For more information about the company, please visit www.Rivian.com.
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