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Rivian To Cut 10% Of Workforce As Earnings Disappoint

Rivian Automotive (RIVN) has announced plans to cut 10% of its salaried workforce as its latest financial results and guidance fell short of Wall Street expectations.

The electric vehicle maker announced a fourth quarter 2023 loss of $1.58 U.S. per share on revenue of $1.30 billion U.S.

Both the top and bottom-line numbers fell short of Wall Street forecasts that called for a loss of $1.35 U.S. and revenue of $1.32 billion U.S.

Rivian said that it delivered 13,972 electric vehicles in Q4 of last year, up from 8,054 in the same period of 2022.

For all of last year, Rivian delivered 50,122 vehicles, up from 20,332 a year earlier.

As for guidance, Rivian said that it expects 2024 production of 57,000 electric vehicles. Wall Street was looking for sales of 66,000 vehicles.

Along with the sales guidance, Rivian said that it expects a financial loss of $2.70 billion U.S. this year.

Rivian currently has 16,700 employees. It’s not clear how many are salaried workers who will be targeted in the upcoming round of layoffs.

The stock of Rivian is down 18% in premarket trading on news of the latest financial results and guidance. The company’s shares are now trading at $12.60 U.S. each.

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