Rivian -- A Loss Of $38K On Each Vehicle Delivered -- The Company That Can't Shoot Straight -- 3Q24

Locator: 48730RIVIAN.

Updates

November 10, 2024:

• 2026 Rivian R2: link here.
• The "missing part: link here. Lost in translation.

Original Post

Just reported, three minutes ago.

• a miss on the top and bottom lines. 
• 3Q24 revenue, a huge miss: $874 million vs $990 million forecast.
• a loss of $39,130 per vehicle
• that's $9,000 worse than 3Q224 (last year)
• a loss off 99 cents vs a loss of 92 cents expected
• guidance: wider loss for full year than originally forecast -- trending in wrong direction 
• in interview with CNBC: CEO blames everything, including supply change shortages (plural; below, it was singular)
  
• to me, sounds like incredibly poor execution
• CEO calls it "noise." 
• avoids answering finance questions; pivots back to building a better truck; focused on customer;

From a month ago:

Revenue drops for first time since IPO, link here:

• due to short supply of a part, Rivian last month slashed its full-year production forecast to between 47,000 and 49,000 vehicles, from its earlier projection of 57,000 units;
• 50,000 vehicles x $39,000 = 50 x 40 x 10^6 = 50 x 40 x million = 2,000 million = $2 billion

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Lucid

Link here.