NORMAL, Ill. – Executives at Rivian are predicting profitability in 2024 despite losses last year.
The electric-vehicle maker with a plant in Normal released 4th quarter and yearlong results on Tuesday.
25 News reports the company lost around $6.8 billion in 2022, compared to about $4.7 billion in 2021. In the 4th quarter, Rivian lost around $1.7 billion, which is lower than a loss of $2.5 billion in the 3rd quarter.
Rivian has a goal to produce 50,000 vehicles in 2023, after falling short of its goal to produce 25,00 vehicles last year. It produced 10,020 vehicles in the 4th quarter, and 24,337 in 2022.
Executives are continuing to look at cost saving measures. The company confirmed a 6% reduction in its workforce last summer, but also added a second assembly line shift.
In a letter to shareholders, Rivian says supply chain shortages continue to have an effect on output at the Normal facility.
