EV Company Rivian's Stock Down 61% solarseven / iStock via Getty Images While Tesla Inc. (NASDAQ: TSLA) stock experienced a downturn this year, the situation for smaller electric vehicle (EV) maker Rivian Automotive Inc. (NASDAQ: RIVN) was even more challenging. Unlike Tesla, which saw a recovery in its shares, Rivian’s stock continued to drop, reaching a staggering 61% decline. The company’s sales, which are relatively modest, coupled with the industry’s overarching issues, have created a bleak outlook f ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to _________ Commission file number 001-41042 Rivian Automotive, Inc. (Exact name of registrant as specified in its charter) Delaware 14600 Myford Road Ir ...

Financial Data and Key Metrics Changes - In Q4 2023, Rivian produced 17,541 vehicles and delivered 13,972 vehicles, generating $1.3 billion in revenue, which included $39 million from regulatory credits [14] - For the full year 2023, production reached 57,232 vehicles, exceeding initial guidance of 50,000 and more than doubling 2022 production [14] - Total gross profit for Q4 was negative $606 million, with gross profit per vehicle delivered at approximately negative $43,000 [14][15] - Adjusted EBITDA for Q4 was negative $1.1 billion, with full-year EBITDA just under negative $4 billion [20] Business Line Data and Key Metrics Changes - The proportion of revenue from Amazon decreased to 8% in Q4 2023 from 30% in Q3 2023, as a higher proportion of consumer vehicles were delivered [16] - Gross profit per vehicle improved by approximately $81,000 comparing Q4 2023 to Q4 2022 [9] Market Data and Key Metrics Changes - The order bank has notably reduced over time as deliveries have more than doubled in 2023 compared to 2022, with cancellations impacting the order bank due to macroeconomic factors [10] - Rivian's go-to-market strategy includes expanding brand awareness and providing more opportunities for consumers to experience vehicles firsthand, with 11 Rivian Spaces and over 50 service centers [11][12] Company Strategy and Development Direction - Rivian aims to harness brand strength with the upcoming launch of the R2 platform, targeting the mid-sized SUV segment with a focus on cost efficiency and production optimization [6][7] - The company plans to reduce salaried employees by approximately 10% to drive cost efficiency [5] - Rivian is focused on achieving a gross margin target of approximately 25% and a high-teens adjusted EBITDA margin target in the long term [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of high interest rates on demand and emphasized the need to increase demand to meet 2024 delivery targets [10] - The company expects to produce 57,000 vehicles in 2024, with consumer and commercial vehicle deliveries anticipated to grow by low-single digits [20] - Rivian plans to shut down production lines for several weeks in Q2 2024 to implement cost-saving measures and introduce new technologies [21] Other Important Information - Rivian's capital expenditures for 2024 are expected to be $1.75 billion, focusing on production facilities and next-generation technologies [23] - The company has over 70,000 vehicles on the road, providing valuable data for product performance and future developments [66] Q&A Session Summary Question: Regarding the downtime and R1 versus R2 launch - RJ Scaringe emphasized the interlink between R1 updates and R2 development, stating that changes in R1 will benefit R2's launch [27][29] Question: On product cadence and lifecycle - RJ Scaringe discussed the importance of continuous updates and a simplified product portfolio for R2, aiming for operational efficiency [31][32] Question: Volume forecast for 2024 - RJ Scaringe explained that the backlog includes customers who may not be ready to take delivery, and new orders will also contribute to deliveries [36] Question: Commitment to the Georgia facility strategy - RJ Scaringe confirmed the phased approach to the Georgia facility, focusing on the demand for compelling EV products in the market [39][41] Question: On workforce reduction and OpEx - RJ Scaringe detailed the focus on efficiency in R&D and SG&A, aiming to maintain a lean structure while scaling operations [44][49] Question: CapEx guidance for 2024 - Claire McDonough noted that the reduction in CapEx reflects a broader focus on efficiency across the company [51] Question: Q1 delivery cadence and reasons for decline - RJ Scaringe attributed the expected decline in Q1 deliveries to supplier changeovers and the impact of ongoing adjustments [64] Question: Data collection from vehicles on the road - RJ Scaringe highlighted insights gained from customer interactions with the digital ecosystem, informing future product developments [66]

Key Highlights 167% increase in revenue in 2023 as compared to 2022 ~$81k gross profit per vehicle improvement Q4'23 compared to Q4'22 Launched leasing on R1 Exceeded all aspects of 2023 guidance Top selling electric vehicle over $70k in the United States for 2023 1 Launched Standard Range R1 variants starting at $69,900 in early 2024 ¹Source: https://electrek.co/2024/01/10/best-selling-evs-2023/ Q4 2023 Shareholder Letter © 2024 Rivian. All rights reserved. 2 We hold the deep conviction that the entire aut ...

IRVINE, Calif.--(BUSINESS WIRE)--Rivian Automotive, Inc. (NASDAQ: RIVN) today announced production totals for the quarter and full-year ending December 31, 2023. The company produced 17,541 vehicles at its manufacturing facility in Normal, Illinois and delivered 13,972 vehicles during the same period.On a full-year 2023 basis, the company produced 57,232 vehicles and delivered 50,122. This exceeded management’s most recent full-year 2023 production guidance of 54,000 vehicles.The company also announced that ...

At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I'd now like to turn the conference over to your speaker today, Tim Bay, Vice President of Investor Rel ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-41042 Rivian Automotive, Inc. (Exact name of registrant as specified in its charter) | Delaware | 14600 My ...

[2 -> 32] Good day, and thank you for standing by. Welcome to Rivian's second quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To remove yourself from the queue, please press star 11 again. Please be advised that today's conference ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-41042 Rivian Automotive, Inc. (Exact name of registrant as specified in its charter) | Delaware | 14600 Myford ...

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Rivian's first quarter 2023 earnings conference call. At this time, all participants are on a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automatic message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference ove ...