Can Rivian Manage to Make Money on Its Trucks by the End of 2024?
Rivian (NASDAQ: RIVN) doubled production in 2023, which is a pretty impressive feat. But 2024 won't see a repeat of that success, because the electric vehicle (EV) maker has put production growth on the back burner.
Instead, management is focusing on making money. That's an important change, and the fourth quarter is going to be a key test of its success or failure on this front. Here's what you need to know.
In the fourth quarter of 2023, Rivian delivered 13,972 electric vehicles. That allowed it to generate revenue of $1.315 billion. The problem is that gross profit came in at negative $606 million. Simply put, it cost the company more to build the EVs it sold than it was able to charge for them. Rivian estimates that it lost $43,372 on each EV it sold in the three months ending in December 2023.
Source Fool.com
