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EV Stock News Bite - EV Stock Rivian Automotive, Inc. (NASDAQ: RIVN) Loses Spark on Fourth Quarter and Full Year 2023 Financial Results

Stock Dives on News trading down over 25%

 

February 22, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com) EV Stock News Bites - Rivian Automotive, Inc. (NASDAQ: RIVN) announced fourth quarter and year end 2023 financial results. The results reflect continued progress against key value drivers including ramping production, improving cost efficiency, and driving demand through successfully introducing new technologies and enhancing the customer experience.

Production and manufacturing progress continued to improve throughout 2023. On a full-year basis, the company produced 57,232 vehicles and delivered 50,122, more than doubling production and deliveries from 2022, and exceeded its initial production guidance by more than 7,000 vehicles. As expected, the fourth quarter of 2023 reflected greater discrepancy between production and deliveries when compared to prior quarters. Due to seasonality, EDV deliveries during the last quarter of each fiscal year are lower than previous quarters, while production remains continuous to maintain manufacturing efficiencies. Overall, there was a 147 percent increase in deliveries for the fourth quarter of 2023 as compared to the fourth quarter of 2022.

The company remains focused on cost efficiency, which has resulted in a meaningful improvement in operating efficiency in 2023, including a gross profit per delivered vehicle improvement of approximately $81,000, as compared to the fourth quarter of 2022.

Economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates, have informed Rivian's expectations for 2024. With these market conditions, the company expects to produce 57,000 vehicles in 2024, in line with 2023 production. For 2024, the company is guiding towards capital expenditures of $1,750 million and an Adjusted EBITDA* of $(2,700) million. Rivian will continue its company-wide cost transformation program, which to date has resulted in meaningful reductions in total unit costs for both the R1 and EDV models through engineering design changes, commercial cost downs, and manufacturing efficiencies. Today, Rivian also announced it is reducing its salaried workforce by approximately 10%.

Read the company's full news and disclaimer here:

https://finance.yahoo.com/news/rivian-releases-fourth-quarter-full-211000736.html

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