Rivian Automotive, Inc., an American electric vehicle manufacturer, has released its annual financial report for the fiscal year ended December 31, 2023. The company, which produces electric vehicles and accessories, reported revenues of $4.434 billion, a significant increase from the previous year's $1.658 billion. This growth is attributed to a rise in vehicle deliveries, which totaled 50,122 for the year. Despite the increase in revenue, Rivian incurred a net loss of $5.432 billion, slightly lower than the previous year's $6.752 billion loss. The company's cost of revenues also rose to $6.464 billion, primarily due to increased production and delivery volumes. Research and development expenses amounted to $1.995 billion, while selling, general, and administrative expenses were $1.714 billion. Rivian's CEO, Robert J. Scaringe, and CFO, Claire McDonough...Show More

Rivian Automotive, Inc., an American electric vehicle manufacturer, has released its annual financial report for the fiscal year ended December 31, 2023. The company, which produces electric vehicles and accessories, reported revenues of $4.434 billion, a significant increase from the previous year's $1.658 billion. This growth is attributed to a rise in vehicle deliveries, which totaled 50,122 for the year. Despite the increase in revenue, Rivian incurred a net loss of $5.432 billion, slightly lower than the previous year's $6.752 billion loss. The company's cost of revenues also rose to $6.464 billion, primarily due to increased production and delivery volumes. Research and development expenses amounted to $1.995 billion, while selling, general, and administrative expenses were $1.714 billion. Rivian's CEO, Robert J. Scaringe, and CFO, Claire McDonough, have confirmed the effectiveness of the company's disclosure controls and procedures as of December 31, 2023. The report also includes an unqualified opinion from independent auditors on the effectiveness of Rivian's internal control over financial reporting. The company's future plans involve continued investment in vehicle platforms, technology, and manufacturing capabilities, with a focus on scaling production and delivering a comprehensive customer experience.