Rivian Layoff 10% Staff and Lowers Production Forecast for 2024

[JackRussellRacing]

JFC. I couldn't care less. I get in my R1T everyday, and it gets me where I want to go (physically, spiritually, and happily).

GM absolutely pucked the fooch on their launch of the Blazer EV. Rivian will be fine.

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[Scoiatael]

Ford announces $5000 incentive for Lariat ER today. Wonder if this is coincidence or not. Rivian really should have started with the R2 and worked their way up to R1 later.

 

[DuoRivians]

right, i am not sure if they can be profitable in any qtrs of 2024. Hope they can manage though.
Maybe the shutdown can bring the cost down significantly.
to me personally, 57000 is not a bad number.

Rivian is still projecting gross profit positive in Q4 2024.

But Rivian still sees -$2.7B ebitda loss versus estimated loss of -$2.59B.

 

[mkg3]

right, i am not sure if they can be profitable in any qtrs of 2024. Hope they can manage though.
Maybe the shutdown can bring the cost down significantly.
to me personally, 57000 is not a bad number.

Expectation was 81K units so its lower by 24,000 units!

Also, Rivian $loss/vehicle increased by $5K/vehicle so now its -$43K/vehicle.

Frankly, I'm surprised that its not down more...

 

[Redline]

Also, they need to start charging for entertainment, LTE, etc sooner than later.

Start bringing in that subscription income!

 

[Twitter Fingers]

Listening to RJ repeat the same lines over and over without actually answering the questions is very frustrating. I wish he were more candid and less of the corporate speak.

 

[mkg3]

Starting later this year, 2H24, RAN will be opened to non-Rivian so that they can access federal funding.

Rivian now has now:
- 56 service centers and over 500 mobile service vehicles
- RAN to over 400 chargers across 67 locations
- Opened 10 new spaces and expanded our demo drive program

 

[Redline]

Listening to RJ repeat the same lines over and over without actually answering the questions is very frustrating. I wish he were more candid and less of the corporate speak.

He's not the best on these calls. It's just not his thing.

 

[mkg3]

Listening to RJ repeat the same lines over and over without actually answering the questions is very frustrating. I wish he were more candid and less of the corporate speak.

He does not answer the question. Just talks around it. You can Hear the frustration on analysts voice as they ask the follow up questions.

His distortion field is not very effective....

 

[Biturbowned]

If any analyst downgrade tomorrow they have not been paying attention. Everything I saw in the letter should not move the needle up or down at this point.

So you predicted 57k production for 2024, aka flat vs last year?

 

[evguy]

Shouldn't there still be some catalysts (other than continued cost cutting) before R2 deliveries start in 2026? For example:

• expand geographic reach of R1 sales as more service centers come online
• More fleet customers for RCV
• Opening RAN to other EV brands in 2H 2024 (as announced in the shareholder letter) ???

 

[NineElectrics]

Two quick, possibly useless takes:
- I'm pretty glad I lease my R1, not own it
- The odds of a capital raise and/or slowdown for R2 just increased

 

[strykerwsu]

Ford announces $5000 incentive for Lariat ER today. Wonder if this is coincidence or not. Rivian really should have started with the R2 and worked their way up to R1 later.

If you wanted them to fail. Sure.

 

[jjswan33]

I don't think it was ever realistic they were going to sell 80k vehicles this year. Seriously they already have the best selling vehicle in their price range, where did people think the buyers were coming from?

 

[UnsungZero_OldTimeAdMan]

Rivian to Cut 10% of Salaried Staff, Citing Economic Uncertainty
https://www.bloomberg.com/news/arti...of-salaried-staff-citing-economic-uncertainty

Rivian Automotive Inc. revealed plans to cut 10% of its salaried workforce and set production plans well below Wall Street’s expectations as the maker of electric vehicles grapples with stagnant demand and economic turbulence.

Just as Fast Company wrote in December, that 40% of companies it polled expect or have plans for layoffs in 2024. Despite strong job reports coming out of DC, it doesn't feel that way at the front lines. I have former colleagues who are still unemployed more than a year later. And I question how many of those new jobs added are in fact low quality short-term jobs.

God speed to those affected. Truly.

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