Rivian announces 2nd round of playoffs within 7 months

Credit: HYOSUB SHIN / AJC Credit: HYOSUB SHIN / AJC The company operates its sole EV plant in Normal, Illinois, which recently added a second shift to increase its output. Despite that, Rivian reported at the end of 2022 that it came up just shy of its goal to manufacture 25,000 vehicles. Rivian has struggled with supply chain issues that have vexed many industries and hampered production. At one time, Rivian said it expected to produce 50,000 combined R1T trucks, R1S SUVs and electric delivery vans last year. Explore Rivian EV production expands but falls short of 2022 goal Rivian posted losses of roughly $5 billion through the first nine months of 2022, but it had an order book of more than 114,000 as of Nov. 7, the company has said. At the end of September, it also had roughly $14 billion in reserves. The company’s blockbuster initial public offering in November 2021 has melted away. By Wednesday afternoon, Rivian’s stock value had fallen by more than 90% from its peak. State and local leaders offered Rivian some $1.5 billion in incentives to locate in Georgia, though local property tax breaks are currently the subject of litigation. Within the past week, a group of residents who oppose the Rivian factory filed additional lawsuits challenging the current excavation being done on the site. Rivian will announce and discuss its financial information for the fourth quarter of 2022 on Feb. 28. Cox Enterprises, owner of The Atlanta Journal-Constitution, also owns about a 4% stake in Rivian and supplies services to the company. Sandy Schwartz, a Cox executive who oversees the AJC, is on Rivian’s board of directors and holds stock personally. He does not take part in the AJC’s coverage of Rivian.

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