Rivian Layoff 10% Staff and Lowers Production Forecast for 2024

[PBRAZ]

I keep thinking that Tesla never made a profit until they made a less expensive car. Then they broke out. I hope Rivian can get there. The problem is Tesla had less competition at that point. Fingers crossed.

Fingers crossed indeed, and yes, Tesla had virtually zero competition for years which allowed them to scale and build efficiencies. Different world now. If anyone can do it, Rivian can.

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[PappaBolt]

Will The Count put $100 down on the R2 and take delivery?

I don’t know about the count, but I will be an R2 reservation holder.

 

[Rividiculous]

Obviously the recent news is disappointing but it’s hard for me to get too pessimistic. I also hate to see anyone lose their job but the staff reduction shows they are willing to make tough choices.

Rivian makes an awesome product. The R1 refresh will hopefully make it even better AND reduce costs. Those goals are not mutually exclusive. E.g., more efficient wiring harness saves money and reduces weight thereby (very slightly) improving range and handling dynamics. Suppose they found a few other ways to make the vehicle 2% more efficient and pretty soon you have an even more impressive vehicle. And didn’t RJ say a while ago that a lot of the savings was coming from better contractual terms?

I suspect FSD Elon is worried about Model Y sales taking a big hit when the R2 comes out; he wants to scare buyers away from Rivian.

Macroeconomic headwinds are tough and the weird anti-EV politics hurt. But as chargers become more ubiquitous, and as more and more people see how great EVs can be, the shift away from ICE will continue. Rivian should be pretty well positioned to benefit. Time will tell.

 

[Ecupip]

Nope I am a long term shareholder but he is frustrating. Check this out

This is the most concerned look I've seen on RJ to date. He knows the future is uncertain.

 

[RedCanyon]

Cramer question on CNBC this morning if they have enough cash to finish the plant in Georgia and get the R2 into production. That's the issue with the stock. They still have a long road to generating revenue from the R2 platform, and if sales are slowing on the R1 its going to be an "adventure" to say the least.

 

[Tahoe Man]

Wow, just wow. The Rivian stock is making all time lows, what happened to a year ago when everyone was saying they're turning that infamous corner? Thankfully I considered RIVN speculative and only invested a small amount, I'm feel bad for those that rode the stock down.

Longer term this company needs to be acquired. With all time equity lows inside a booming economy says a lot about investor confidence in this company, which there isn't any. Competition is only heating up, you have EV sales softening and the big boys putting more focus on hybrids and plugins, meaning pure BEV vehicles will be a niche which Tesla owns.

There's many messages here that frankly sound like there's a lot of sunk cost fallacies with Rivian. I get it, but I suggest climbing out of it.

 

[LetsgoRIVN]

This is the most concerned look I've seen on RJ to date. He knows the future is uncertain.

I think he looks tired than worried, it was 5am where he was.

 

[Tahoe Man]

You'd have been better buying Toyota stock in 2020 than Tesla too...

The majority of their sells are R1S.

Yes, that's only further proof the EV mania is over and the hangover phase is next.

 

[emoore]

Yes, that's only further proof the EV mania is over and the hangover phase is next.

Yep EVs are dead, let's just all go back to diesel trucks.....

 

[LetsgoRIVN]

Obviously the recent news is disappointing but it’s hard for me to get too pessimistic. I also hate to see anyone lose their job but the staff reduction shows they are willing to make tough choices.

Rivian makes an awesome product. The R1 refresh will hopefully make it even better AND reduce costs. Those goals are not mutually exclusive. E.g., more efficient wiring harness saves money and reduces weight thereby (very slightly) improving range and handling dynamics. Suppose they found a few other ways to make the vehicle 2% more efficient and pretty soon you have an even more impressive vehicle. And didn’t RJ say a while ago that a lot of the savings was coming from better contractual terms?

I suspect FSD Elon is worried about Model Y sales taking a big hit when the R2 comes out; he wants to scare buyers away from Rivian.

Macroeconomic headwinds are tough and the weird anti-EV politics hurt. But as chargers become more ubiquitous, and as more and more people see how great EVs can be, the shift away from ICE will continue. Rivian should be pretty well positioned to benefit. Time will tell.

Beautiful!
I wonder why did they pick Q2 and Q3 to shut down the lines, why didn’t they do in Q4 23 since they knew Amazon wouldn’t take delivery!

 

[emoore]

Wow, just wow. The Rivian stock is making all time lows, what happened to a year ago when everyone was saying they're turning that infamous corner? Thankfully I considered RIVN speculative and only invested a small amount, I'm feel bad for those that rode the stock down.

Longer term this company needs to be acquired. With all time equity lows inside a booming economy says a lot about investor confidence in this company, which there isn't any. Competition is only heating up, you have EV sales softening and the big boys putting more focus on hybrids and plugins, meaning pure BEV vehicles will be a niche which Tesla owns.

There's many messages here that frankly sound like there's a lot of sunk cost fallacies with Rivian. I get it, but I suggest climbing out of it.

Pure EVs are around 15% of global sales and only increasing. I wouldn't call that a niche market.

 

[COdogman]

Amazing how any Rivian stock news or a quarterly earnings call brings out the “concerned investors”…

 

[Stickboy46]

I find it weird when long term shareholders only come to stir up more negative sentiment.

He didn't say WHO he is a long term shareholder for.

When you look at twitter, you can 99% guess what someone's profile will look like when they are excessively bashing Rivian.

 

[Tahoe Man]

Yep EVs are dead, let's just all go back to diesel trucks.....

They're not dead but the notion from the EV owners that they're the best thing since sliced bread is

Pure EVs are around 15% of global sales and only increasing. I wouldn't call that a niche market.

That's because of China, which they own their own market.

It's a niche market when the big sellers scale back development. I get the cheerleading though.

 

[BeanEW]

Virtually all major companies are cutting workforce. For EVs, whichever company that first comes up with an affordable EV will win the next race.

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