Rivian posts Q1 loss of $38,784 per vehicle
Rivian under a little bit of pressure after the company posted a loss of $1.48 a share on A. Revenue beat of 1.2 billion, just a little better than expected. The adjusted EBIT a loss of $798,000,000 in the first quarter is an improvement over the first quarter of last year when they lost more than $1 billion on a per vehicle basis. Rivian lost almost 39,000 dollars, $38,764 per vehicle in the first quarter ending the quarter with 7.8 billion in liquidity. The guidance is what so many people are going to be focused on. They are reaffirming their guidance for AQ4 modest gross profit 2024 Adjusted EBITDA guidance of 2.7 billion. Dollars and reaffirming its production guidance of building 57,000 vehicles this year and the CapEx guide coming down, remember they reported earlier this in the first quarter that they were going to be putting aside the money that they were going to put into Georgia plant. They’re going to move the R2 into Illinois. That’s allowing them to save $550 million in CapEx, bringing the CapEx guidance for the full year to $1.2 billion. Guys, I’ll send it back to you.