Rivian Faces Investor Confidence Decline After Q1 Earnings Report
Wednesday, 8 May 2024, 15:39
Rivian Stock Declines
Shares of Rivian (NASDAQ: RIVN) fell as the company reported Q1 results, matching expectations but facing challenges. The EV maker continues to burn cash and lose money.
Revenue Growth and Production
- Revenue in the quarter reached $1.2 billion, up 82% year-over-year.
- Rivian produced 13,980 vehicles, close to its target of 57,000 for the year.
Challenges Ahead
- High operating costs leading to negative gross profit.
- GAAP loss of $1.45 billion, worse than estimates.
Rivian faces uncertain future amidst investor confidence decline.
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