Rivian Misses Production Targets, Announces Layoffs Despite Revenue Beat
- Rivian misses Q4 production and 2024 outlook estimates, sees adjusted EBITDA loss of $2.7B
- Announcing job cuts of 10% of salaried staff citing economic uncertainty
- Q4 revenue beats at $1.32B; deliveries hit 13,972 vehicles, topping 2022 goal
- Aiming to achieve "modest gross profit" by end of 2024
- Unveiling new affordable R2 EV model on March 7 as competition intensifies