Overview

• Rivian plans to discontinue the third shift at its Normal, Illinois, plant starting next month, attributing the decision to increased efficiency and a subdued production outlook for FY24.
• The company will offer all hourly employees positions on the remaining two shifts, expecting to increase overall production capacity by about 30% upon reopening with two shifts on April 28.
• Rivian anticipates producing 57,000 vehicles this year, maintaining its production rate from last year despite high-interest rates and economic uncertainties.
• The EV maker reported a total revenue of $1.3 billion for the fourth quarter of 2023 and a net loss of $1.52 billion, with a significant per-vehicle loss despite improvements from the previous year.
• In addition to the shift reduction, Rivian has laid off about 100 workers at its Normal, Illinois, factory as part of ongoing cost-cutting measures, aiming for profitability.