Cost-cutting layoffs have had little effect on Rivian's earnings, as the troubled electric carmaker limped off another quarter with more than a billion dollars in losses.
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Rivian lost $1.45 billion in the first three months of 2024, which was bigger than the $1.35 billion hole it fell through in the first quarter of 2023, and less than other recent quarters. Rivian vehicles still cost the manufacturer money when they are sold, and Chief Financial Officer Claire McDonough said on an earnings call this week that the automaker was losing about $39,000 per delivery.
That said, the biz has retained some degree of optimism, with McDonough saying the second half of 2024 is looking up. And Q1 2024 brought in $1.2 billion in revenue, up more than 80 percent from the same quarter last year, after delivering 13,588 vehicles, so it's not entirely out of whack.
"We continue to move closer to making money on every vehicle we sell," McDonough said. "We expect to see a significant improvement in our gross profit in the second half of this year and believe we will reach a positive gross profit for the fourth quarter."
