Rivian remains confident in the demand for its electric pickup truck and SUV, despite concerns over higher borrowing costs and a potential recession impacting the industry. That’s according to Rivian’s Chief Financial Officer, Claire McDonough, who spoke at the Deutsche Bank auto conference on Thursday.
McDonough said the company has seen consistent demand for its EVs throughout the year, saying, “We certainly have seen some impacts of the broader macroeconomic environment in 2023, but we’ve seen really a stable environment throughout the course of this year from a demand vantage point.” (via Bloomberg)
In addition to seeing stable demand, Rivian is accelerating the production of its in-house designed Enduro drive unit, ahead of schedule, McDonough revealed. Many of those Enduro drive units will be going into the R1S, whose production is now surpassing the volume of the R1T. Rivian plans to build approximately 50,000 vehicles this year, doubling its production from 2022.
McDonough explained Rivian’s current focus is in scaling up production and implementing cost-cutting measures, like introducing the Enduro drive units, to reduce the cash burn within the company. Rivian posted a 6.75 billion net loss in 2022, and had approximately $11.2 billion in cash at the end of the last quarter.
NASDAQ confirms Rivian (RIVN) will be removed from Nasdaq-100 Index on June 20, 2023
