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Rivianlost $ 1.45 billion in the first fourth , show that its recent company - broad toll - cutting bar have a ways to go before it can approach gainfulness .
The EV - manufacturer brought in $ 1.2 billion in taxation in the period of time , coming in just under its record haulage from the anterior quarter , harmonize to itsfirst - one-quarter profits reportthat was released Tuesday after markets closed . That ’s more or less more than the $ 1.16 billion expected by Yahoo Finance analysts . Rivian ’s revenue grew 82 % from the $ 661 million it generated in the first quarter in 2023 .
Still , that was n’t enough to ab initio assuage shareowner . Rivian ’s shares fall more than 4 % in after - 60 minutes trading .
Some toll - cutting relief is on the skyline .
Rivianrecently end up up a workweek - long shutdown at the Illinois factory where it retool and changed parts of its manufacturing operation . Those upgrades should lower the price of production and speed it up , according to the caller . Rivian say it integrated “ nearly 600 Modern or modify robots ” that will make the exist product lines “ run more efficiently . ”
The company ’s determination in the first place this yr to switch output of its next - genesis SUV , the R2 , away from a planned factory in Georgia to its exist facility in Illinois , is also reaping rewards . Rivian has previously said it would bring through $ 2.25 billion by making the move , which will convey R2 yield online earlier .
In its Q1 remuneration theme , Rivian say it now expects to “ be capable to importantly slim the capital consumption required to launch R2 . ” The company has lowered its capital expenditures guidance to $ 1.2 billion , a reduction of $ 550 million . Those rescue do n’t include the recent$827 million incentives packageRivian received from the state of Illinois .
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Rivian is also calculate at other revenue chance beyond betray EVs . The company plans to open its charging meshwork , which is branded Rivian Adventure web , to other EVs . The company allege its Rivian Adventure web can become a “ profit center over sentence . ” Opening the internet also wee Rivian eligible for Union backing from the Bipartisan Infrastructure Law , the company noted in itsletter to stockholder .
The Q1 taxation image , while showing growth class - over - year , reflected a somewhat lukewarm cut-rate sale quarter . The companyreported in Aprilit produced 13,980 vehicles and delivered 13,588 of them in the first stern of 2024 . Both of those figures are down from the fourth quartern of 2023 , where it built 17,541 and shipped 13,972 .
Rivian reaffirmed on Tuesday that it plans to make around the same number of EVs as it did in 2023 .
Rivian had an consequential first one-quarter that included a splashy reveal of its succeeding R2 and R3 EV card as well as more belt tightening and layoff . In February , Rivianlaid off 10 % of its workforceas the EV startup attempt to harness in costs . This was the third round of layoffs for the EV troupe since July 2022 , when Rivian issue 6 % of its workforce . The caller cut another 6 % of job in February 2023 .
