Summary by Futu AI
On February 21, 2024, Rivian Automotive, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2023. The company announced that it had exceeded its initial production guidance by producing 57,232 vehicles and delivering 50,122, doubling the figures from the previous year. Despite economic challenges, including high interest rates, Rivian expects to produce 57,000 vehicles in 2024, maintaining the previous year's production level. The company also announced a workforce reduction of approximately 10% as part of a cost transformation program that has already achieved significant unit cost reductions. Rivian's total revenue for the fourth quarter was $1,315 million, with a gross profit of $(606) million, showing an improvement from the previous year. The net loss for the quarter was $(1,521) million, and the Adjusted EBITDA* was $(1,096) million. The company ended the quarter with $9,368 million in cash and equivalents, and a total liquidity of $10,468 million. Rivian also plans to unveil its new midsize R2 platform on March 7th and expand customer experience initiatives in 2024.