Stay updated with breaking news from Rivian. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Despite efforts such as new model launches, price reductions, and tax credits, the expected surge in consumer interest has not materialized as anticipated.
Rivian’s CEO said they “firmly believe in the full electrification of the automotive industry,” but recognize the short-term “challenging macro-economic conditions.”
The Amazon-backed company reported that it lost $1.5 billion in the fourth quarter of 2023 and said that it expects to build 57,000 electric vehicles in 2024, the same number it built last year.
Shares in Rivian and Lucid plummeted 15% and 8% respectively after the announcements - the latest signs of a slowdown in EV demand flagged by automakers including Ford, General Motors and market leader Tesla. The plateauing demand sparked a price war last year as companies drained margins to woo customers.