| (USD) | Dec 2023 | Q/Q |
|---|---|---|
| Revenue | 1.3B | -2% |
| Gross Profit | -606MM | +27% |
| Cost Of Revenue | 1.9B | +6% |
| Operating Income | -1.6B | +10% |
| Operating Expenses | 975MM | +1% |
| Net Income | -1.5B | +11% |
| R&D | 526MM | -1% |
| G&A | 449MM | +3% |
| Interest Expense | 73MM | +33% |
Short Volume Ratio = Short Volume / All Volume. Source of Short Volume data comes from
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As Rivian (RIVN) grapples with EV demand challenges and operational hurdles, consider waiting for clearer signals post-Q1 earnings before investing, despite the dip in shares.
The e-commerce and cloud giant is firing on all cylinders again.
The latest layoffs at Tesla this week cut close to the bone of the EV pioneer’s big competitive advantage — its ubiquitous Supercharger network.
Rivian just found another way to conserve capital.
US Electric Vehicle Companies Shares Mixed Friday After White House Extends Tax Credits for Another 2 Years
Volvo said earlier this week that Varela would leave the Swedish truck maker after an eight-year stint that saw him rise to the role of deputy CEO and COO in 2022. He will join Rivian in August, replacing Frank Klein who had been operations head since 2022 and is stepping down after helping with the ramp-up of the R1 SUVs and pickups. "Varela will be central to the company's growth and profitability," Rivian said.
IRVINE, Calif., May 03, 2024--Rivian Automotive, Inc. (NASDAQ: RIVN) announced today Javier Varela will join as its Chief Operations Officer as the company focuses on optimizing operational efficiencies, including the production of R2, its midsized SUV. Varela joins Rivian from Volvo Cars, where he served as Chief Operating Officer and Deputy Chief Executive Officer. Varela will start at Rivian in August and will report directly to Rivian Founder and Chief Executive Officer RJ Scaringe.
Rivian Automotive said on Thursday it has received $827 million in incentives from the State of Illinois to expand operations at its Normal facility in the state. The company's shares rose nearly 7% in afternoon trade. Its less expensive R2 model unveiled in March would be produced at its first plant in Normal, Illinois, it had then said.
The Irvine, California-based company's shares rose nearly 10% in afternoon trade after having lost more than 60% of their value this year, as of Wednesday's close. With the addition of the R2, Rivian expects a total annual capacity of 215,000 vehicles. The company said the funds from the state of Illinois would be spent on expanding the plant, improving public infrastructure and job training programs for its workforce.
NORMAL, Ill., May 02, 2024--Rivian Automotive, Inc. (NASDAQ: RIVN) announced today it has received an $827M incentive package from the State of Illinois Department of Commerce & Economic Opportunity, which will allow the company to expand operations at its plant in Normal, IL. The funds from the incentive package will go towards expansion of the plant, improvements in public infrastructure and job training programs for Rivian’s workforce, leading up to the company’s production of its midsized SU