RIVN - Rivian Continues to Burn Cash. Does It Have Enough to Last the Year?
2024-05-12 06:05:00 ET
Rivian (NASDAQ: RIVN) turned in mixed first-quarter results. The electric vehicles (EV) maker's vehicles continue to be popular, but the company continues to sell them below the cost of making them. Given this, the company not surprisingly is burning a lot of cash as it loses money on every vehicle it sells.
Let's take a look at Rivian's most recent quarterly results, what the company is doing to improve its operational performance, and its current cash position.
Rivian saw its Q1 revenue surge 82% year over year to $1.2 billion as the company delivered 13,588 vehicles in the quarter, a 71% increase compared to a year ago. It produced 13,980 vehicles -- a 49% increase from a year earlier.
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Rivian Continues to Burn Cash. Does It Have Enough to Last the Year?