Rivian Reports Revenue Decline Amid Supply Chain Challenges

The EV maker missed Q3 revenue expectations but maintains a positive outlook for Q4 gross profit.

Rivian's Q3 revenue fell to $874 million, a significant drop from the previous year, primarily due to supply chain disruptions.
The company reported a net loss of $1.1 billion, slightly improved from the $1.37 billion loss in the same quarter last year.
Rivian adjusted its annual production forecast to 47,000-49,000 vehicles, down from an earlier estimate of 57,000 units.
Despite current challenges, Rivian expects to achieve a modest gross profit in Q4 2024, focusing on cost improvements and new technologies.
Rivian's cash position remains strong with $6.7 billion, bolstered by a $1 billion investment from Volkswagen.