Pencil Road reported on February 22 that according to China-Singapore Jingwei, the American electric vehicle manufacturer Rivian announced that it would lay off 10% of its employees, as concerns about the slowdown in electric vehicle sales continued to spread throughout the industry. Rivian also announced the news when it released its fourth-quarter earnings report, which said the company does not expect production in 2024 to be higher than in 2023.
American electric vehicle manufacturer Rivian is a company founded in 2009 and headquartered in Elwin, California, United States. The Company is mainly engaged in the design, development, manufacture and sales of electric vehicles, as well as the provision of related charging infrastructure and services. Its main products include electric pickup truck R1T, electric SUVR1S and electric van EDV, among others. On November 10, 2021, Rivian was listed on the NASDAQ and raised $12 billion, making it the largest IPO of the year. In 2022, Rivian became the world's most valuable automaker, with a market capitalization of more than $150 billion at one point.
Rivian's sales in the last two years have shown a certain growth trend, but it is indeed not up to expectations.
Q1 2022: Rivian produced 2,553 vehicles and delivered 1,227 vehicles. This includes the R1T pickup, the R1S SUV, and the EDV commercial electric van produced for Amazon.
Q2 2022: Rivian produced 4,401 vehicles at its Normal, Illinois manufacturing site and delivered 4,467 electric vehicles during the quarter.
Full Year 2022: Rivian produced 24,337 EVs and delivered 20,332 to customers. This figure is slightly below its annual production target of 25,000 units.
Q1 2023: Rivian produced 9,395 vehicles, up 268% year-over-year; 7,946 vehicles were delivered, up 548% year-on-year. Despite the sequential decline, the increase still exceeded investors' expectations.
Q2 2023: Rivian produced 13,992 EVs in Q2 2023, up 218% year-over-year and setting a new record; During the same period, 12,640 BEVs were delivered, up 183% year-on-year and 59% month-on-month, also setting a new record.
Q3 2023: Rivian produced 16,304 vehicles and delivered 15,564 new vehicles in Q3, up 23% sequentially.
Rivia's goal for 2023 is to produce 52,000 vehicles. In terms of production in the first three quarters of 2023 (about 40,000 units in total), there is still 12,000 units short of the set target of 52,000 units. Before the fourth-quarter results were announced, the company reported layoffs.
As a new force in the U.S. electric vehicle market, Rivian's market share has shown a growth trend in the first half of 2023, but there is still a large gap with Tesla's sales. According to public sources, Rivian sold 250,000 electric vehicles, while Tesla sold more than 3370,000 electric vehicles.
Compared with domestic new energy vehicle brands, Rivian is also difficult to gain the upper hand.
Here are the Rivian in 2023.
The number of vehicles delivered in the first and second quarters, as well as the comparison with NIO, Li and Xpeng Motors:
Rivian's deliveries in the first quarter of 2023 were 0940,000 units, with deliveries of 1260,000 units. Compared to the other three companies, Rivian still has a certain gap in terms of delivery volume.
Although Rivian's revenue has increased in 2023, the loss is still huge, and it needs to further optimize the cost structure and improve profitability. Rivian's net loss in 2022 was 67$5.2 billion; The net loss for 2023 is 54$3.2 billion. Perhaps, this is also one of the key factors in its layoffs.
As of the end of the fourth quarter of 2023, Rivian had cash and cash equivalents of 78$600 million. That's down from $9.1 billion at the end of the third quarter.