Rivian lost $1.45 billion in the first quarter, showing that its recent company-wide cost-cutting measures have a ways to go before it can approach profitability.
The EV-maker brought in $1.2 billion in revenue in the period, coming in just under its record haul from the prior quarter, according to its first-quarter earnings report that was released Tuesday after markets closed. That’s slightly more than the $1.16 billion expected by Yahoo Finance analysts. Rivian’s revenue grew 82% from the $661 million it generated in the first quarter in 2023.
Still, that wasn’t enough to assuage shareholders. Rivian’s shares fell more than 4% in after-hours trading.
The Q1 revenue figure, while showing growth year-over-year, reflected a somewhat tepid sales quarter. The company reported in April it produced 13,980 vehicles and delivered 13,588 of them in the first quarter of 2024. Both of those figures are down from the fourth quarter of 2023, where it built 17,541 and shipped 13,972.
Rivian reaffirmed on Tuesday that it plans to make around the same number of EVs as it did in 2023.
Rivian had an eventful first quarter that included a splashy reveal of its future R2 and R3 EV lineup as well as more belt tightening and layoffs. In February, Rivian laid off 10% of its workforce as the EV startup tried to rein in costs. This was the third round of layoffs for the EV company since July 2022, when Rivian cut 6% of its workforce. The company cut another 6% of jobs in February 2023.
This story is developing…
