Posted 2/22/2024, 1:23:00 PM
Rivian Lays Off 10% as Growth Slows, Musk Questions Viability; Lucid Production Stagnant
- Rivian laid off 10% of workforce, expects flat production of 57,000 vehicles in 2024
- Rivian predicting 10-15% lower deliveries in Q1 2024 vs Q4 2023
- Elon Musk said Rivian could go bankrupt in around 6 quarters at current cash burn rate
- Lucid produced 8,428 vehicles in 2023, delivered 6,001 vehicles, expects 9,000 vehicles in 2024
- Lucid revenue fell 39% year-over-year to $157 million in Q4 2022