Posted 2/23/2024, 8:01:00 PM
Rivian Stock Plummets as Earnings Miss Targets, Job Cuts Announced
- Rivian stock hits all-time low after missing Q4 earnings targets and announcing job cuts
- Rivian lost $43,372 for every vehicle delivered in Q4; gross margins took a hit with lower deliveries
- Production and deliveries projected to be down 10-15% in Q1 due to planned upgrades to reduce costs
- Analysts downgrade stock, citing missed targets and disappointing outlook; price targets cut
- Rivian planning more affordable R2 SUV launch in March to expand market, but not in production until 2026