EV maker, Rivian Lost $7 Billion Last Year

These are exerpts from a NYT article....

The loss brings the company’s total losses for 2022 to $6.8 billion and highlights the troubles that once-promising start-ups are having gaining ground on Tesla, which dominates the electric vehicle business. Last week, another young automaker, Lucid Motors, said that it lost $2.6 billion in 2022.

Rivian said the supply chain problems that dogged it last year would continue this year but become easier to anticipate. The company said it expected to produce 50,000 vehicles this year, roughly twice as many as it did in 2022.

The company said it had $11.6 billion in cash and cash equivalents at the end of December, down from $18.1 billion a year earlier.

Rivian, which is based in Irvine, Calif., makes an electric pickup truck, a sport utility vehicle and a delivery van. The company has attracted several deep-pocketed investors, including Amazon, which has placed a large order for the manufacturer’s vans. Ford Motor also invested in the company but ultimately decided not to collaborate with Rivian and sold most of its stock.

Rivians stock price has plunged. On Tuesday, it was trading around $19, down from around $47 in 2022.

Read the wording carefully folks! supply chain issues will continue.... This is the bottom line! they are bleeding out!!