Rivian lost $1.45 billion in the first quarter, showing that its recent company-wide cost-cutting measures still have a ways to go before it can reach profitability.
The electric vehicle maker generated $1.2 billion in revenue during the period, just below its record from the previous quarter, the company said Tuesday.
The first quarter revenue figure reflects a somewhat tepid sales quarter. The company said in April that it produced 13,980 vehicles and delivered 13,588 in the first quarter of 2024. Both numbers are down from the fourth quarter of 2023, when it built 17,541 and shipped 13. 972.
Rivian reaffirmed Tuesday that it plans to make roughly the same number of electric vehicles as it did in 2023.
Rivian had a rocky first quarter that included a splashy reveal of its upcoming 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 control costs. This is the third round of layoffs for the electric vehicle 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…
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