Rivian, once seen as a credible competitor to Tesla, faces a significant challenge amid an EV demand slowdown. The company's Q4 2023 earnings disappointed, leading to a 13% drop in after-hours trading. Rivian missed revenue, earnings, and outlook expectations, with a production guidance of 57,000 vehicles falling short of the estimated 80,472. Additionally, the company's adjusted EBITDA loss and capital expenditure guidance were below expectations. Despite a revenue increase of 98% year-on-year, Rivian reported an adjusted loss per share of $1.36. The EV industry's growth wave is questioned, and the profit potential is deemed to be permanently affected, leading to a 12.2% drop in Rivian's stock price after hours. The company also announced a 10% reduction in its workforce.