From None: 2024-11-08 08:03:00

Rivian Automotive (NASDAQ:RIVN) reported Q3 revenue of $874 million, missing the expected $1.01 billion, with an adjusted EPS of -$1.08, wider than the predicted -$0.95. Despite this, the company delivered 10,018 vehicles and produced 13,157 at its Illinois facility, signaling steady production growth.

Investors are optimistic about Rivian’s focus on achieving positive gross profit in Q4 2024, with progress in revenue per unit, variable cost reductions, and fixed-cost efficiency. The company aims to deliver 50,500 to 52,000 vehicles this year and highlighted advancements in reducing the Gen 2 R1 cost structure.

CEO RJ Scaringe emphasized cost reduction through new technologies and manufacturing processes. However, Rivian revised its 2024 production outlook to 47,000-49,000 vehicles due to component shortages and adjusted the annual adjusted EBITDA loss forecast to $2.825 billion to $2.875 billion.



Read more at None:: Rivian’s Cost Cuts and Production Progress Outshin…