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*RIVIAN SLUMPS 25% AT THE OPEN, HITTING LOWEST LEVEL ON RECORD
Electric-truck maker Rivian projects no production growth in 2024 $RIVN https://t.co/3yaDtfEbqF
$RIVN Cash incinerator🚨 Guidance: 57K vehicles for 2024 - LOL (that is <15k per quarter). Burned ~$5B is 2023 from Operations - will likely lose about the same in 2024 + Add $1.75B in Capex. -> They could Blow ~$6.75B in 2024... Have ~$9.5B of cash... https://t.co/5AkCbfkV33
Rivian's Q4 2023 earnings report reveals a 15% drop in shares due to missed revenue, earnings, and outlook. The company's 2024 guidance includes delivering 57k vehicles, lower than expected. Additionally, Rivian's gross margins took a hit, leading to job cuts and a wider quarterly loss.