The small and relatively new car brand Rivian has built over 13,000 cars in one quarter, but at the same time has lost DKK 280,000 on each and every car.
Rivian loses money. In fact, quite a significant amount for each electric car they produce. The accounts for the third quarter of 2024 show a loss of more than DKK 7.5 billion, even though production exceeded 13,000 electric cars. This corresponds to a loss of over DKK 280,000 for each electric car that Rivian sells.
– It has been a difficult quarter for us due to some of the challenges we have had with suppliers, says the brand's managing director RJ Scaringe.
Building fewer and fewer cars
The fall in Rivian's revenue is due to fewer cars sold across all models. During the third quarter, the company delivered 10,018 cars. This is a decrease of 36 percent compared to the same period last year. Production also fell by 19 percent to 13,157 electric cars.
As a result of the falling deliveries and production figures, Rivian has adjusted down its expectations for the whole year. The company, which is backed by Amazon, is now targeting a production of between 47,000 and 49,000 cars. A decrease from the originally planned 57,000 cars.
Rivian is likely hoping that the interest in the new R2 and R3 models that were presented earlier this year will continue until the cheaper models can actually be delivered.
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Selling cars for almost DKK 600,000, which each car in the brand's current program costs, is clearly not as sustainable as the company had hoped.
Rivian was actually a brand that several Danish media predicted a Danish launch. In 2020, Jyllands-Posten, for example, erroneously wrote that Rivian would be in Europe in 2022. That did not happen.
And since then, Rivian has announced that it is taking the cheaper R2 to Europe. But according to BT's information, there are no plans for a Danish launch.
The loss at Rivian is actually an even worse reading than in the second quarter of 2024. Rivian made it through that period by 'only' adding DKK 223,000 per car. Read more about it here .
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