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Rivian takes major revenue hit as supplier problem persists
Rivian reported Thursday revenue of $874 million in the third quarter — more than 12% lower than analysts estimates — as the EV startup struggled to
Rivian reported Thursday revenue of $874 million in the third quarter — more than 12% lower than analysts estimates — as the EV startup struggled to resolve a component shortage that disrupted production of its recently overhauled flagship R1S and R1T vehicles. The gloomy revenue numbers, driven by lower production and deliveries, comes as Rivian attempts to reign in costs, improve efficiency, and market the next-generation of its flagship R1T pickup truck and R1S SUV as well as commercial vans, which are primarily sold to Amazon. Rivian has started production of a tri-motor variant of the R1 vehicles — a more expensive version — that could provide some capital and supply chain relief.
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