Close Menu
I Really Like This Car
  • Automobile
  • Automotive
  • Design
  • Self Driving
  • Luxury
  • Supercar
  • EV
  • Motorcycle
  • Exclusives

Subscribe to Updates

Get the latest creative Articles from I Really Like this Car about Automotives & Supercars.

What's Hot

Cadillac’s cheaper, Australia-bound EV getting major power bump – report

June 24, 2025

How AI is driving the subsequent phase of digital transformation in dealerships

June 24, 2025

2025 Suzuki Alto receives minor facelift in Japan – design tweaks, improved AEB, best-in-class 28.2 km/l

June 24, 2025
Facebook X (Twitter) Instagram
I Really Like This Car
HOME Login
  • Automobile

    Cadillac’s cheaper, Australia-bound EV getting major power bump – report

    June 24, 2025

    2025 Suzuki Alto receives minor facelift in Japan – design tweaks, improved AEB, best-in-class 28.2 km/l

    June 24, 2025

    Massive Fire In Ohio Caused By Pickup Driver Who Hit A Tanker Truck Then Fled The Scene

    June 23, 2025

    2026 Volvo XC60 prices: Refreshed SUV gets tech upgrade

    June 23, 2025

    Indian Motorcycle Malaysia official brand launch

    June 22, 2025
  • Automotive

    How AI is driving the subsequent phase of digital transformation in dealerships

    June 24, 2025

    NFDA calls for EV charging backing after £950m plan is scrapped

    June 23, 2025

    How Toyota & Daimler Hino-Fuso Merger Could Affect Truck Lineups – Vehicle Research

    June 23, 2025

    7 Essential Accessories for Skilled Automotive Hauling : Automotive Addicts

    June 21, 2025

    Stop-drive order issued for Citroën C3, DS 3 models over airbag risk

    June 21, 2025
  • Design

    Designing body kits and accessories

    April 11, 2025

    Designing for a startup automotive company

    February 18, 2025

    Our recent drive luggage website driveluggage.com shall be up and running in April.

    January 15, 2025

    Enhance your drive experience with bespoke automotive luggage |

    December 18, 2024

    Designing for an iconic marque

    December 11, 2024
  • Self Driving
  • Luxury
  • Supercar
  • EV
  • Motorcycle
  • Exclusives
I Really Like This Car
Home»Automobile»Rivian cuts jobs, sees annual production far below estimates
Automobile

Rivian cuts jobs, sees annual production far below estimates

ReutersBy ReutersFebruary 21, 2024No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
Rivian Cuts Jobs, Sees Annual Production Far Below Estimates
Share
Facebook Twitter LinkedIn Pinterest Email

Rivian said on Wednesday it will cut its workforce by 10% and forecast EV production this yr that widely missed estimates, hurt by downtime for factory upgrades and slowing demand for electric vehicles as a result of high rates of interest.

Shares of the corporate tumbled about 17% in prolonged trading after Rivian said it expects to supply 57,000 vehicles in 2024, well below estimates of 81,700 units, based on eight analysts polled by Visible Alpha. It produced 57,232 vehicles last yr.

“We firmly imagine in the complete electrification of the automotive industry, but recognize within the short-term, the difficult macro-economic conditions,” CEO RJ Scaringe said in a press release on Wednesday.

Amazon.com-backed Rivian has been burning through money to ramp up production of its R1S SUV and R1T pickup trucks because it spends on constructing a brand new factory in Georgia and loses hundreds of dollars on every vehicle it builds.

The corporate’s money burn comes at a time when demand for EVs has slowed, with Tesla CEO Elon Musk warning that top rates of interest are making cars unaffordable.

After shying away from reducing the worth of its vehicles last yr despite a price battle sparked by Tesla, Rivian this month cut the worth of its R1T pickup trucks and R1S SUVs by $3,100.

Meanwhile, Lucid also forecast production for 2024 that was much lower than Wall Street’s expectations, even after it cut prices of its Lucid Air luxury electric sedans last week.

Rivian’s money and money equivalents were $7.86 billion at the top of the December-quarter, compared with $7.94 billion within the preceding three-month period.

It also recorded a ten% fall in deliveries within the fourth quarter, missing estimates, citing lack of deliveries to Amazon within the three-month period to concentrate on the vacation period.

Nevertheless, revenue for the October-December period stood at $1.32 billion, above Wall Street estimates of $1.26 billion, based on LSEG data.

Rivian has been posting a loss on every vehicle it sells and expects to record its first quarter of positive gross margin later this yr.

The corporate’s R2 platform, which is anticipated to be cheaper and smaller, is about to be unveiled early next month.

The corporate reported a net lack of $1.52 billion for the fourth quarter ended Dec. 31, compared with a lack of $1.72 billion a yr earlier.

 

This Article First Appeared At www.autoblog.com

Annual cuts estimates Jobs Production Rivian Sees
Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
Previous ArticleSame Difference: Mazda CX-70 Two-Row Priced Same as Nearly Similar CX-90 Three-Row : Automotive Addicts
Next Article BUILDING TRUST | Drive Design
Reuters

Related Posts

Cadillac’s cheaper, Australia-bound EV getting major power bump – report

June 24, 2025

2025 Suzuki Alto receives minor facelift in Japan – design tweaks, improved AEB, best-in-class 28.2 km/l

June 24, 2025

Massive Fire In Ohio Caused By Pickup Driver Who Hit A Tanker Truck Then Fled The Scene

June 23, 2025

2026 Volvo XC60 prices: Refreshed SUV gets tech upgrade

June 23, 2025
Leave A Reply Cancel Reply

Demo
Interesting Picks

Lucid Dreams: Goodwood Revival After Hours

September 26, 2024

Leapmotor: Jeep-backed Chinese EV brand plots Australian onslaught

November 1, 2024

What Automotive-Related Movie Mistake Bothers You Most?

March 12, 2025

Bristol Street Motors transforms Orpington Ford into business vehicle dealership

September 13, 2024
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo
Don't Miss
Automobile

Cadillac’s cheaper, Australia-bound EV getting major power bump – report

By William StopfordJune 24, 20250

Deliveries of the Cadillac Optiq only began within the US earlier this 12 months and…

How AI is driving the subsequent phase of digital transformation in dealerships

June 24, 2025

2025 Suzuki Alto receives minor facelift in Japan – design tweaks, improved AEB, best-in-class 28.2 km/l

June 24, 2025

Massive Fire In Ohio Caused By Pickup Driver Who Hit A Tanker Truck Then Fled The Scene

June 23, 2025
About Us
About Us

At ireallylikethiscar.com, we are passionate about all things automotive. Whether you're a fan of supercars, electric vehicles, or simply have a deep appreciation for the beauty and engineering of automobiles, you've come to the right place.

Interesting Articles

Save as much as 47% on an Armor All automotive cleansing kit today due to these Amazon deals

May 14, 2024

‘Low cost’ Ferrari Project Cars, A Mainly Free Fiat 500e And A Totally Awesome Saab 9-5 Wagon Automobile In This Week’s Automobile Buying Roundup

December 22, 2024

Tesla Model Leads the Plunge in EV Used Prices – Green Fleet

September 16, 2024
New Comments
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Disclaimer
    © 2025 I really Like This Car. All Rights Reserved

    Type above and press Enter to search. Press Esc to cancel.

    We are using cookies to give you the best experience on our website.

    You can find out more about which cookies we are using or switch them off in .

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Lost password?
    I Really Like This Car
    Powered by  GDPR Cookie Compliance
    Privacy Overview

    This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

    Strictly Necessary Cookies

    Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

    If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.