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Rivianis laying off 10 % of its salaried manpower in a play to bring down costs in an increasingly tough market for galvanising vehicle , commit even more pressure on its future , more low-priced EV call the R2 . A modified figure of non - manufacturing hourly employee will also be edit out , laminitis and CEO RJ Scaringe said in a companywide email .
This is the third stave of layoff for the EV company since July 2022 , when Rivian cut 6 % of its men . The companionship cutanother 6 % of jobsin February 2023 .
The caller more than doubled the number of EVs itbuilt and shippedin 2023 equate to 2022 . But Rivian still lost more than $ 5.4 billion for the year , andannounced Wednesdaythat it only have a bun in the oven to build the same amount — 57,000 — of electric vehicle across all of 2024 . Rivian enunciate it plans to keep out down its sole factory in Normal , Illinois midyear to elevate its manufacturing line with an anticipation to improve production rate by about 30 % .
As a event , Rivian says it expect to recede , on an adjusted fundament , around $ 2.7 billion in 2024 , and has decide to “ continue its company - wide cost transformation broadcast . ” That includes changes to the design and engine room of its vehicle , making invent more effective , and laying off more employee . The caller said it wait capital expenditures to reach $ 1.75 billion in 2024 — an uptick from the $ 1.03 billion it spent last year that will be drive by extra investment in its next - generation technology , its next Georgia manufacturing plant and go - to - market operations .
The company ’s production and profit loss guidance combined with the layoffs pushed Rivian shares down more than 15.6 % in after - hours trading .
“ Our commercial enterprise is facing a challenging macroeconomic environment — including historically gamy interest rates and geopolitical incertitude — and we require to make purposeful changes now to ensure our hopeful future , ” Scaringe say in an email to the party . “ We must strategically prioritise our outgrowth area of the business , include the launching of Peregrine and R2 as well as investing in our go - to - mart capabilities . ”
Rivianreported Wednesdayfourth - quarter revenue of $ 1.3 billion , more than double the $ 663 million it generated in the same period of 2022 . On a full - yr basis , Rivian reported revenue of $ 4.4 billion , up from $ 1.66 billion in 2022 . The bulk of revenue come from the sale of its EVs . It brought in about $ 39 million in the 4th fourth part and $ 73 million for the full twelvemonth from the sales agreement of regulative credits .
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The party report a net loss of $ 1.5 billion in the fourth after part , a slight advance over the $ 1.72 billion passing it report in Q4 2022 . On an familiarized basis , it report a release of $ 1.1 billion compared to a $ 1.5 billion red in the same twelvemonth - ago stop .
Rivian , which urinate an all - electric pickup truck , SUV and a commercial van , has made advancement on its passing per fomite . Although it still has a considerable path to go before it gets close to discover even . The ship’s company reported it lose $ 43,372 per unit delivered in the fourth quarter , a more than two - tierce melioration from the $ 124,162 it lose per unit in Q4 2022 .
“ Wetooksignificantstepstowardsdrivinggreaterefficiencyin2023grossprofitpervehicleimprovedbyapproximately$81,000 when compare the fourth quarter of 2023 to the 4th tail 2022 , ” Scaringe said on an earnings call Wednesday . “Aswestart2024,Iwanttoemphasizeourteam’scontinuedsenseofurgencyandownershipmindsetanddrivingfurtherefficiencythroughouttheorganization . ”
