Rivian now says it will make fewer electric vehicles this year than it did in 2023 | A supply shortage forced the company to slash its annual forecast.
by chrisdh79
Related Posts
Electric Vehicles
Rivian now says it will make fewer electric vehicles this year than it did in 2023 | A supply shortage forced the company to slash its annual forecast.
7 Comments
Rivian: We’re literally unable to make cars fast enough
The Verge: Demand is cooling, and here’s a frozen Rivian
*Rivian said it produced 13,157 vehicles during the third quarter and delivered 10,018 vehicles during the same period. Rivian is revising its annual production guidance to be between 47,000 and 49,000 vehicles. The company is also reaffirming its annual delivery outlook of low single digit growth as compared to 2023, which it expects to be in a range of 50,500 to 52,000 vehicles.*
We have to wait till November 7th after markets close for their numbers to filed. This will not be pretty. The question that needs addressed is the large percentage of units not delivered. It is an operational issue or interest issue? We will get hints if their changes to manufacturing have brought them closer to breaking even on production
Key to understand the issue before Rivian is that outside of their well publicized difficulty in making a profit on each vehicle sold they spend nearly a billion a quarter just running the company. Just do the math. Fifty thousand vehicles sold cannot pay for a company costing nearly four billion a year to run. Even fifty thousand a quarter cannot produce sufficient margins. All that is means is no longer losing money or each vehicle sold cannot fix the problem. I suspect to reach R2 production another offering has to come about. I really want to see R2s out there but its not looking good.
1) they barely sold over 10k vehicles on Q3 and badly missed the 14-15k consensus.
2) it’s 2024 and they still blame parts shortage.
3) the poor sales is what caused the target to be slashed. But it sounds better when you can blame “parts shortage” to cover up the horrendous performance by Rivian.
4) isn’t r/electricvehicles saying everyone is now buying Rivian because everyone hates Elon? That Hollywood and Californians are dumping Tesla for Rivian? Turns out there are so many people full of shit here.
Chance Rivian survives as it stands is low. They will ultimately get bought by another company. They are already latching onto VW for support, which may implode due to VWs own death spiral.
“supply shortage” lmao
Meanwhile everyone else is pumping EVs at record numbers
“Supply shortage” sure Jan
This bums me out because I like Rivian a lot. Far more than Tesla as their interior setup isn’t ridiculous. They make the vehicles I find most appealing but it’s so hard to actually get to check them out and do test drives.
I think Tesla did it right by making it super easy to check out their vehicles even without service centers. A large mall by us still has a Tesla studio that does test drives and it’s been there for years even before Tesla was allowed to have a service/delivery center in our state.