Posted on 02/21/2024 9:49:17 PM PST by CFW
Rivian (RIVN) stock tanked after the bell on Wednesday after the electric adventure vehicle maker reported mixed fourth quarter results and a production and profit forecast that missed Wall Street expectations.
Rivian said it sees vehicle production for 2024 hitting 57,000 units, well below the 80,000 units expected. In terms of full-year profitability, Rivian said it sees an adjusted EBITDA loss of $2.70 billion vs. $2.59 billion (est.), with capital expenditure outlays hitting $1.75 billion vs. $2.37 billion (est.). Rivian said it would cut 10% of salaried staff, citing economic uncertainty.
Rivian stock fell over 15% in after-hours trading.
For the quarter, Rivian reported top-line revenue of $1.32 billion vs $1.25 billion (est.), with an adjusted loss per share of $1.36 vs. $1.33 (est.). On an adjusted EBITDA basis, Rivian reported a loss of $1.096 billion vs. $1.05 billion (est.), narrower than last year’s $1.46 billion loss.
(Excerpt) Read more at finance.yahoo.com ...
Throwing good money after bad.
In my metro area, I see Teslas daily. I have seen maybe 5 Rivians total since the EV propaganda began from the government, 4 pickup trucks and 1 suv.
And we’re worried about the Chicoms owning the EV market?
>> In my metro area, I see Teslas daily. I have seen maybe 5 Rivians total
I know a Rivian owner. My perception is they have been hit by a double whammy — the general realization that EVs suck as an overall transportation solution, plus the fact that the Rivian itself is an unreliable poorly engineered piece of Obama.
My buddy brought his new Rivian suv to our guys meetup last weekend. I remember when he placed the order he was contemplating flipping it. I don’t know if he ever actually planned to do that, but that ship has sailed.
I predict the EV adoption rate is going to end up looking a lot like the hybrid rate. People who want them will buy them and everyone else will just stick to gas cars.
I should probably add that I have seen only one Lucid in my area. Had to look the name up when I saw it. It’s considered a kuxery EV.. sortof a Rolls Royce of EV’s.
This is the latest article I could find on the Rivian plant being constructed in rural Georgia.
I wasn’t able to find information as to whether construction has actually begun, but I have serious doubts the plant will ever be completed.
I doubt Rivian will even be in business two years from now
Ha-ha-ha-ha-ha-ha!!!!
Don’t the door hit you in the aß on the way out...
Rivan doesn’t a vehicle for under $70K and they depreciate quickly when driven of the lot and none of them get the full tax credit..
We’ll see. Tesla still has the best technology package but they are very focused on the consumer market. Which is the biggest. Rivian will have to compete in the truck market, which is flat as far as EVs go. But they do have a van business. Amazon has ordered I think it’s either 10,000 or 100,000 I don’t remember. I’m not sure how fast they can deliver those. Amazon is an early investor in Rivian, and they recently relinquished their exclusive deal to enable Rivian to sell to others. So I think AT&T bought a few to test. It seems to be a natural fit for utilitiy companies and government agencies that sort of have to fit into the EV mandates, and maybe other delivery services. It does have to be reliable to grow that segment. And they have to be able to deliver. So they may have a fighting chance, but I suppose others may also try to enter that market in the next couple of years.
Chinese BYD may get more approvals in the US commercial and fleet business. Even Elon Musk is warning about their rise - he’s calling for tariffs. That’s because of money. The Chinese can produce them a lot cheaper as they hoard the source materials, don’t have to pay union wages, and get government subsidies (as do most US makers including sales credits, and tax breaks, and prior bailouts).
Re: 11 - good points all.
I see Teslas on the road, but have only seen three Rivians.
Search: $900 million in 2021 and $2.1 billion in 2022 and $4.7 billion in 2023 and projects the losses will grow to as much as $5.5 billion this year.
That is $13.2 billion in losses for the electric vehicles.... just for FORD in 4 years!!
GM and others are losing billions as well. Telsa makes billions selling made up carbon credits. Elon Musk makes money with the electric car scam and now can afford his rockets and Starlink business which makes steady billions. He uses one scam company to raise money for legitimate companies.
EV scam costing Americans 10’s of thousands more for gas cars and trucks and higher gas and diesel prices to subsidize the electric scam.
______________
Ford is losing money on electric vehicles, but saving money on emissions fines
https://www.marketplace.org/2024/02/07/ford-is-losing-money-on-electric-vehicles-but-saving-money-on-emissions-fines/
For every electric F-150 it sells, it can sell up to 12 gas-powered versions and still comply with emissions regulations
Well yes. The Chinese EV company is called NIO, and they’re much healthier than Rivian.
AS long as it is Democrats buying EV’s that is fine.
Perhaps the battery-powered EV market has hit its saturation point. These are niche vehicles, with limited popular acceptance. Short runs, sources for recharging, original cost, cost of maintenance of the battery system, and hazards peculiar to the design of the batteries.
If only they would offer an option of an on-board power generation system...
Some manufacturers do, you know. They are called hybrids.
Big losses and No growth.
Goodbye.
It begs the question: why was the deal pushed through despite massive warning signs that the EV market was dead in the water? Answer: corruption. Kemp pushed through this highly unpopular deal probably to save face.
For those who forget or never knew the public backlash over the Rivian deal, check out this 2022 FR post entitled: The Rivian Jobs Scam Part 1: The Corporate/Georgia Government Scheme to Destroy a Quiet Community and Support Kemp's Reelection.
Georgians should hold Kemp responsible for throwing good Georgia tax payer money at this losing proposition. Kemp is loyal to the Bidung and Uniparty EV scheme while Georgia taxpayers take it on the chin -- and pocketbook.
To the tune of at least $1.5 bil.
Remington, you lot need your fricking heads examined.
Red state, my gluteus maximus.
If Georgia wants to hold people responsible for this cluster, the citizenry will have to do two things first:
1) SECURE THEIR DAMNED ELECTIONS.
2) Stop allowing Deep State to choose all their candidates for them.
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