Cooling EV Demand Finally Hits Rivian Where It Hurts
It was inevitable that Rivian Automotive (NASDAQ: RIVN) would eventually catch the same cold that had swept over the electric vehicle industry: cooling demand. While the young EV maker had spent much of 2023 topping production estimates -- even raising guidance and refusing to slash prices with a list of competitors -- slowing EV demand finally hit Rivian and became evident during its fourth-quarter earnings report.
Here's a look at the good news, the disappointing future guidance, and perhaps a silver lining in the results.
Deliveries increased to nearly 14,000 during the fourth quarter, up from the prior year's 8,054. That helped push total revenue to $1.32 billion, which was in line with Wall Street estimates and well above the prior year's $663 million.
Source Fool.com
