Posted 2/23/2024, 2:23:00 AM
Rivian Cuts Jobs, Slashes Production Targets As High Prices Dent Demand For Electric Trucks
- Rivian, once a darling of EV investors, announced job cuts and lower production targets as demand falls
- Rivian truck and SUV prices start at nearly $70k, too high for average buyers wary of EVs' battery life and charging availability
- Company predicts flat EV production of 57,000 in 2023 vs 2022 due to order cancellations and fewer new orders
- Rivian stock plunged 25% on Thursday, its worst single-day drop ever, amid disappointment over its 2024 guidance
- Future riding on cheaper R2 model coming in 2026 as competition grows from Tesla, Lucid struggling with own production issues