Rivian

Rivian Automotive (NASDAQ:RIVN) expects to produce 50,000 units in fiscal 2023.

Rivian Automotive (NASDAQ:RIVN) Q4 2022 Loss Narrows as Revenue Rises. adjusted Q4 loss to $1.73 per diluted share from a loss of $2.43 a year earlier as the shares outstanding were 923 million, Analysts polled by Capital IQ forecast a per-share normalized loss of $1.95. Revenue for the quarter ended Dec. 31 was $663 million, Analysts surveyed by Capital IQ projected $729.5 million. The electric vehicle company said it expects to produce 50,000 units in fiscal 2023 and report an adjusted Ebitda loss of $4.3 billion.

On Wednesday, Rivian (NASDAQ:RIVN) announced a 6% layoff to all employees except “manufacturing jobs in Nomol,” and its CEO said “to achieve long-term goals, resources must be focused on improving and achieving profitability, while ensuring the right future products, services and technologies,” according to a memo. This is the second layoff last year by the electric car maker, involving about 800 employees. Before the latest layoffs, the company had about 14,000 employees worldwide. Following a wave of layoffs at tech companies last July, Rivian did a similar number of layoffs at the time.

Electric car maker Rivian Automotive (NASDAQ:RIVN) said in a filing late Tuesday that the company had failed to meet its full-year production target of 25,000 units in 2022. Rivian said that after cutting its original production forecast of 50,000 vehicles in half in mid-2022, the company’s current only plant, the Normal, Illinois, plant produced 24,337 vehicles and delivered 20,332 vehicles in 2022. In the fourth quarter, the company produced 10,020 vehicles and delivered 8,054 vehicles.