The electric vehicle maker’s stock surged after a public offering last fall but has since plunged, in part because the company failed to meet its 2021 goals.
Rivian started deliveries of its R1T pickup truck and R1S SUV not long ago and even won accolades for its cars’ qualities, but not all is golden in the EV startup’s empire. The company had its first earnings call two weeks ago and CEO RJ Scaringe let us all know Rivian will not be able to meet deliveries expectations. Now, Rivian’s CEO elaborates on the matter in a letter sent to customers.
Driven by legislators, automakers and consumer demand, electric vehicles are poised to rule the road over the next decade, and Illinois may be a key manufacturing hub.
Electric Vehicle startup Rivian posted a $1.23 billion net loss in its third-quarter due to production constraints, and supply-chain snags of its first fully-electric truck. The automotive company’s stock tanked late Thursday after posting its first financial snapshot as a public company.