Rivian Faces Financial Hurdles Amidst Declining Deliveries and Widening Losses
Rivian Automotive reported a significant gross loss of $39,130 per electric vehicle delivered in Q3 2023, with deliveries dropping to 10,018 units, the lowest since Q1 2023. The company attributed the decline to a component shortage, which led to a reduced annual production forecast. Despite this, Rivian reaffirmed its 2024 delivery targets, aiming for 50,500 to 52,000 vehicles, and expects to achieve a gross profit in Q4 2023, easing investor concerns.