EV Maker Rivian hits the reset button

Rivian has a new plan to bring its electric vehicle to the masses and it has a new source of cash.
Ed Ludlow has more on the story trib.al/2xJ33Fr
#technology #tesla #automobile #business

[@andromedach]

VW is not going to save them from their spending problem. Only a billion is up front and the remaining isn't exactly going to bolster their bottom line but instead a joint venture. Rivian simply started with far too much money to learn financial discipline and have spent themselves nearly to bankruptcy. They certainly do not have the cash on hand to keep spending nearly a billion a quarter to run the place on top of selling vehicles for a loss which they won't have solved this year.

[@DCLXVI_CMXCIX]

I thought the rivian ceo was johnny Knoxville for a quick sec lol. only saw the thumbnail photo before I read the headline.

[@Joshua-yj6eq]

Weird, I thought he looked like Steve o

[@PatrickAdia]

I feel like we have forgotten Tesla went through similar turbulences and was on the brink of bankruptcy before the model 3 came out. The R2 is Rivian’s Model 3 in terms of turning point for the company.

[@rjmcfly202]

Greatstuff, worthy insights and commentary rendered.
Gooooooo VW-Rivian⚡🏁

[@RadBunny2269]

They’ll regret the VW investment in a few years. I can see why they had to take it but that was the wrong partner.

[@efeabugo5444]

Why do you say that?

[@luckylenny]

Rivian's R2/R3 gameplan is preposterous. The R2 is tentatively planned for Jun '26. For Rivian, this could really mean Jun '36. Rivian is tracking to declare bankruptcy sometime in '25. By selling the R1S for $90k, Rivian is losing
$1.5 bill/qtr. By selling the slightly smaller R2 for $45k, Rivian's losses will probably double. In the meantime, good luck trying to find buyers of the R1S for $90k; when similar vehicle is coming out for $45k. In summary, very unlikely Rivian will ever sell even one R2. Very likely Rivian enters bankruptcy in '25 at the latest

[@Rx100Vx]

Short seller Lenny strikes again . Those Rivian shorts must be burning hard Lenny

[@pgx8964]

Good luck trying to find buyers? Best selling car in california in segment lol. Stupidity is thru the roof