Summary by Futu AI
Rivian Automotive, Inc. has issued a corrected press release on February 22, 2024, to amend a clerical error in its previous financial results announcement for the fourth quarter and full year ended December 31, 2023. The amendment clarifies that the company experienced a 147 percent increase in vehicle deliveries for the full year of 2023 compared to 2022, rather than just the fourth quarter. Rivian reported producing 57,232 vehicles and delivering 50,122 in 2023, surpassing its production guidance by over 7,000 vehicles. Despite economic challenges, including high interest rates, Rivian anticipates producing 57,000 vehicles in 2024, matching the 2023 production level. The company also announced a workforce reduction of approximately 10% and reiterated its commitment to cost efficiency and long-term growth. Rivian's financial highlights for 2023 include a total revenue of $4,434 million, a gross profit improvement, and a reduced net loss compared to the previous year. The company ended the year with $9,368 million in cash and equivalents, and a total liquidity of $10,468 million. Rivian is set to reveal its new R2 platform on March 7th and continues to focus on enhancing customer experience and driving demand.