> SPONKY: WHY YOU NO ELECTROCAR YET?

wrote:

How could an unemployed stock boy afford one of those?

I won't expect to see him at a camp ground. 

wrote:

That SUV is pretty much great at everything.  .

except reliability and staying in business

wrote:

except reliability and staying in business

I would agree with you if you were talking about Lucid.  Rivian actually has a decent business.  Not Tesla-level, but they are selling a decent amount of product and they have very good technology.  Someone will buy them if they flounder.

wrote:

No, in their recent SEC filings they mentioned there's a good risk they may not be a going concern in the near future.

They have over 2 years of cash left without soliciting any more investment and the cash burn is going down.   Tesla was at this point once too.  Making automobiles is a capital intensive process until you hit a certain level of sales.

Latest Filings:

Irvine, California, February 21, 2024: Rivian Automotive, Inc. (NASDAQ: RIVN) today 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 year ended December 31, 2023 as compared to the year ended December 31, 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%. 

Rivian continues to drive demand by developing future platforms and technologies while enhancing the customer experience. In 2024, Rivian will open new spaces and increase demodrives – bringing the Rivian experience to more cities and customers than ever before. Furthermore, on March 7th Rivian will reveal its midsize platform, the R2, for the first time.  

RJ Scaringe, Founder and CEO, Rivian said:

“We made great progress in 2023 despite economic headwinds, and we’re excited about the year ahead. We firmly believe in the full electrification of the automotive industry, but recognize in the short-term, the challenging macro-economic conditions. We are aggressively focused on driving cost efficiency throughout the business, achieving positive margins and building our go-to-market function to support our long-term growth. We are excited about the reveal of our next generation vehicle, R2, on March 7.”

Financial Highlights:

Revenue:

Total revenue for the fourth quarter of 2023 was $1,315 million, driven by the delivery of 13,972 vehicles. For the year end December 31, 2023, total revenue was $4,434 million, supported by 50,122 total vehicle deliveries. Total revenue from the sale of regulatory credits was $39 million for the quarter and $73 million for the fiscal year 2023.

Gross Profit:

Gross profit was $(606) million for the fourth quarter of 2023, an improvement from $(1,000) million for the same quarter in 2022. For fiscal year 2023, Riviangenerated negative gross profit of $(2,030) million, as compared to $(3,123) million in 2022.  

Operating Expenses and Operating Loss:

Total operating expenses in the fourth quarter of 2023 grew to $975 million, as compared to $795 million in the same period last year.  

Overall, operating expenses in 2023 remained relatively flat year-over-year: $3,709 million in 2023 as compared to $3,733 million for 2022.   

Loss from operations in the fourth quarter of 2023 totaled $(1,581) million, as compared to $(1,795) million in the same period last year. For fiscal year 2023, loss from operations was $(5,739) million as compared to $(6,856) million in 2022. 

Net Loss:

Net loss for the fourth quarter of 2023 was $(1,521) million as compared to $(1,723) million for the same period last year. For fiscal year 2023, net loss was $(5,432) million as compared to $(6,752) million in 2022.

Adjusted EBITDA*

Adjusted EBITDA* for the fourth quarter of 2023 was $(1,096) million as compared to $(1,461) million for the same period last year. The decreased Adjusted EBITDA* loss for the fourth quarter of 2023 as compared to the fourth quarter of 2022 was driven by lower gross profit losses. For fiscal year 2023, Adjusted EBITDA* was $(3,981) million as compared to $(5,217) million in 2022.

Capital Expenditures:

Capital expenditures for the fourth quarter of 2023 were $(298) million, as compared to $(294) million for the same period last year. For fiscal year 2023, our capital expenditures were $(1,026) million as compared to $(1,369) million in 2022. 

Liquidity:

Rivian ended the fourth quarter of 2023 with $9,368 million in cash, cash equivalents, and short-term investments. Including the capacity under its asset-based revolving-credit facility, the company ended the fourth quarter of 2023 with $10,468 million of total liquidity.  

For further information please see Rivian’s latest shareholder letter at www.rivian.com/investors

The company will host an audio webcast to discuss our results and provide a business update at 2:00pm PT / 5:00pm ET on Wednesday, February 21, 2024. The link to the webcast will be made available on the company’s Investor Relations website at rivian.com/investors. After the call, a replay will be available at rivian.com/investors for four weeks.  The letter is available on its investor relations website (https://rivian.com/investors).

wrote:

Buy an electric car?

No son, it’s all just a fad.
In 5-10 years it will all just be a crazy dream.

Electric cars are going to be your only choice soon.  The only good reason to get a gas one now is so you can keep it in good condition as a nice antique for the future when it will be a luxury to drive because of $200 a gallon gasoline.

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Tom Leykis wrote:

I won't expect to see him at a camp ground. 

Tom's idea of camping bliss is sitting in a dust bowl with an unhappy kitty. The fuq does an EV have to do with it Tommy boi? At least drag her ass out in a comfortable car.

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In one of his truck threads, Spanky indicated his seating requirements in a truck. It may well be that the Rivian will not have the proper seating.