Rivian Slashes Production Outlook
Feb 21, 2024 By MarketDepth
Rivian (RIVN:NASD) stock was down on the day and cratered after the EV maker announced mixed fourth-quarter results. Both production and profit numbers came in under Wall Street expectations. The company says 2024 production numbers are coming in at 57,000 units which is well under the 80,000 expected units. The company in hopes to help lower expenses said it would cut 10% of staff.
Rivian was down 3% intraday and fell another 15% after hours. The stock is down almost 30% on the year.
“We made great progress in 2023 despite economic headwinds, and we’re excited about the year ahead. We firmly believe in the full electrification of the automotive industry, but recognize in the short-term, the challenging macro-economic conditions.”
Rivian CEO RJ Scaringe
