Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Rivian Lays Off 10% Of Workforce As Lucid Production Underwhelms. Elon Musk Expects Bankruptcies.
Investors Business Daily ^ | 02/23/2024 | KIT NORTON

Posted on 02/23/2024 7:00:39 AM PST by Red Badger

EV startup stocks Rivian (RIVN) and Lucid (LCID) sank Thursday after both companies reported fourth-quarter earnings and revenue late Wednesday, and announced they are not ramping up production in 2024.

Rivian reported Wednesday a loss of $1.36 per share in Q4 with sales doubling to $1.31 billion. Wall Street expected a loss of $1.35 and revenue totaling $1.28 billion. Looking to 2024, Rivian said it expects production of 57,000 vehicles, remaining flat compared with 2023. The EV startup also predicts consumer and commercial vehicle deliveries to grow by low single-digits in 2024.

The company also announced that it predicts vehicle deliveries in Q1 2024 to be about 10%-15% lower than in Q4 2023 and that it is laying off 10% of its salaried workers.

Elon Musk Weighs In On Rivian Stock Tesla Chief Executive Elon Musk posted on X, formerly Twitter, late Wednesday that based on Rivian's quarterly cash on hand, the company could go bankrupt in around six quarters.

"Maybe that trajectory will change, but so far it hasn't," Musk said.

Rivian CFO Claire McDonough told investors Wednesday the company remains "confident that our cash, cash equivalents and short-term investments can fund our operations through 2025."

"We aim to maintain a strong balance sheet position by continuing to drive cost efficiencies and improve our vehicle unit economics, while opportunistically evaluating a variety of capital markets available to Rivian ranging across the capital structure," McDonough said on the earnings call.

Rivian stock plunged 25.6% during Thursday's market action and continued to angle lower early Friday. Meanwhile, Lucid stock dove 17% Thursday. Musk took to X once more Thursday afternoon claiming that Rivian needs to "cut costs massively and the exec team needs to live in the factory or they will die."

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Military/Veterans; Society; Travel
KEYWORDS: elonmusk; ev; lucid; rivian
Navigation: use the links below to view more comments.
first 1-2021-4041-42 next last

1 posted on 02/23/2024 7:00:39 AM PST by Red Badger
[ Post Reply | Private Reply | View Replies]

To: Red Badger

Which Freeper told us not to dare short Rivian?


2 posted on 02/23/2024 7:03:34 AM PST by G Larry (It's RACIST to impose SLAVE WAGES on LEGAL immigrants and minorities by importing ILLEGAL Laborers)
[ Post Reply | Private Reply | To 1 | View Replies]

To: G Larry

🤷‍♂️............................


3 posted on 02/23/2024 7:08:04 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Red Badger

The economy. It just keeps booming.


4 posted on 02/23/2024 7:11:34 AM PST by ClearCase_guy
[ Post Reply | Private Reply | To 1 | View Replies]

To: G Larry

A little off topic, but there was a story awhile back about some kid that watched the sticks that Nancy Pelosi and h7bby were investing in, and he invested I. Them too, and has made a staggering amount of money apparently, and I heard last night there is an app that watches the investments of politicians or whoever, and alerts to what they, or whoever works for them, are buying

I’m sure that if politicians had stock in rivian or lucid, that they got out in time thanks to little birdies telling them to, in order to stave off losses


5 posted on 02/23/2024 7:12:13 AM PST by Bob434
[ Post Reply | Private Reply | To 2 | View Replies]

To: G Larry

If I had to WAG it I’d have to say teslagator 🤣


6 posted on 02/23/2024 7:12:15 AM PST by V_TWIN (America...so great even the people that hate it refuse to leave!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Red Badger

I just saw a tv show saying how we need to spend trillions updating our roadway guardrails to handle the heavier battery trucks like rivian. So getting rid of rivian et al could save a bunch.


7 posted on 02/23/2024 7:13:16 AM PST by 1Old Pro
[ Post Reply | Private Reply | To 1 | View Replies]

To: Red Badger
Rivian (RIVN) is $10.16 at the moment, setting a 52 week low. I have stock at $12.85 so need it to recover, at least momentarily, so I can sell without losing. 52-week high was $28.06

Fisker (FSR) is at $0.5286 and has a 52-week low of $0.5212, so not doing great. 52-week high was $7.86.

VinFast (VFS) is at $4.98 and has a 52-week low of $4.59, so not doing great. 52-week high was $93.00.

8 posted on 02/23/2024 7:13:49 AM PST by Reno89519 (If Biden is mentally unfit to stand trial, he is mentally unfit to be president. He needs to resign.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Red Badger
The tulip mania of EV's is over. If the gubment got out of the way too then EV pricing and sales would be driven by the free market.

Even though I own an EV, live in the south (no harsh winters), can charge at home, have a 2nd car like a lot of married couples so we're not tethered to just one driving technology, and drive enough miles for the gas savings to be worth an EV ... if I was honest I'd bet only 5% or 10% of the people I know personally are also in a situation where an EV is practical.

Of course, that's free market and practical thinking ... something the warmageddon control-freak Dims and their cult followers are incapable of.

9 posted on 02/23/2024 7:14:18 AM PST by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1Old Pro

Maybe we should invest in those guardrail manufacturers? Who are they?


10 posted on 02/23/2024 7:14:26 AM PST by Reno89519 (If Biden is mentally unfit to stand trial, he is mentally unfit to be president. He needs to resign.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Red Badger

Rivian = Edsel


11 posted on 02/23/2024 7:15:40 AM PST by LeonardFMason
[ Post Reply | Private Reply | To 1 | View Replies]

To: G Larry

Dunno, but anyone taking stock advice from FReepers or any other group of anonymous strangers on the internet is a moron.


12 posted on 02/23/2024 7:16:14 AM PST by bigbob ( )
[ Post Reply | Private Reply | To 2 | View Replies]

To: Reno89519
Maybe we should invest in those guardrail manufacturers? Who are they?

Probably Japanese steel companies and local government transportation workers paid for my higher taxes.

13 posted on 02/23/2024 7:16:42 AM PST by 1Old Pro
[ Post Reply | Private Reply | To 10 | View Replies]

To: LeonardFMason

Edsel was good looking by comparison


14 posted on 02/23/2024 7:18:24 AM PST by When do we get liberated? (A socialist is a communist who realizes he must suckle the breast of Capitalism.)
[ Post Reply | Private Reply | To 11 | View Replies]

To: When do we get liberated?

It was a car well before its time.


15 posted on 02/23/2024 7:19:56 AM PST by Bob434
[ Post Reply | Private Reply | To 14 | View Replies]

To: LeonardFMason

They are pretty though.

They will make great looking ‘Lawn Art’ for rich Rednecks.................


16 posted on 02/23/2024 7:20:04 AM PST by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Red Badger
Obama/Biden/Democrat Party = Clister_uck.
17 posted on 02/23/2024 7:20:05 AM PST by Chgogal (Welcome to Fuhrer Biden's Weaponized Fascist Banana Republic! It's the road to hell.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Reno89519; All

What companies are making EV car suitable guardrails and what are their stock


18 posted on 02/23/2024 7:20:29 AM PST by Reno89519 (If Biden is mentally unfit to stand trial, he is mentally unfit to be president. He needs to resign.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: V_TWIN
If I had to WAG it I’d have to say teslagator

Imagine what he would be like if he actually owned a Tesla.

19 posted on 02/23/2024 7:22:01 AM PST by Fresh Wind (Nothing says "Democracy" like throwing your opponents into jail.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: Bob434

I was actually wondering if the US Federal Government wasn’t more like 100% insider trading. Maybe the CSPAN cameras are of a small, animatronic model, and the Senate or House really sits around all day trying to come up with stocks to buy that they can influence with legislation.

It seems a better explanation of the Biden Cabal’s energy stances than most.


20 posted on 02/23/2024 7:24:09 AM PST by Empire_of_Liberty ( )
[ Post Reply | Private Reply | To 5 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-42 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson