Rivian Automotive, a market leader in producing electric pickup trucks, has struggled with producing electric vehicles that can accomplish tasks their gasoline engine counterparts handle with ease. A new report from theshows the company also struggles with profitability. The company reportedly loses an average of $33,000 for every truck it sells.
Rivian’s journey has been marked by a juxtaposition of financial success and operational struggles. The company made a splash in the market with its IPO in 2021, raising nearly $12 billion and momentarily achieving a valuation surpassing some established automakers. However, the operational side painted a different picture. Rivian grappled with manufacturing troubles, burning through half of its $18 billion cash pile in two years and operating at less than one-third of its build capacity.
Recently, CEO RJ Scaringe made comments mocking the purchase of gasoline vehicles, seemingly forgetting the problems his electric pickups are constantly running into.