Reportedly, the decision will affect staff that performs manufacturing-related tasks. The company is primarily looking to increase the speed and capacity of its assembly lines, hoping to improve the sluggish production that has been plaguing the company in recent months.

When reached out to by Reuters, Rivian declined to confirm the relocations will indeed take place.

“In terms of ramping production, it’s helpful to have the manufacturing and engineering teams closer to our facilities in Normal as well as our headquarters in Irvine,” a Rivian spokesperson added.

During its rapid expansion in recent years, Rivian didn’t insist that its employees have an on-site presence while filling out the positions of need. However, the company is now determined to change the course and move away from remote working practice. The affected workers will reportedly be able to refuse relocation, in which case they will be let go with a severance package and replaced with those that have no trouble relocating.

Rivian has missed out on its goal of producing 25,000 electric cars in 2022. The company also expects to come short in 2023 compared to Wall Street estimates.

The post Rivian Relocating Staff Illinois Factory in Attempt to Ramp Up EV Production appeared first on theprimarymarket.com.

As part of its second-quarter report, Rivian adjusted its loss estimates from three months ago. Instead of $4.75 billion, it now expects to lose 700 million more, with the total figure standing at $5.45 billion. The company lost $1.71 billion in Q2 alone.

Informing the shareholders about adjusted loss estimates, Rivian “supply chain challenges” and “raw material inflation.”

On the other hand, the rest of the Q2 numbers were quite encouraging. Rivian beat the Wall Street estimate by raking up $364 million in revenue versus the $337.5 million expected. It also had an adjusted loss per share of $1.62 compared to an expected $1.63.

Another positive thing for Rivian is the increased interest in EVs that have the orders pouring in for the company’s products. Its R1-Series truck and R1S SUV currently have 98,000 preorders. The company delivered 5,694 vehicles this year.

Rivian stock (RIVN) has been down 2.70 percent in after hours trading, sliding to $37.90 per share. The company’s shares have been down more than 60 percent year to date.

The post EV Maker Rivian Predicts $5.45 Billion Loss in 2022 appeared first on theprimarymarket.com.

Rivian delivered only 1,227 EVs in the first quarter, while the Normal facility produced just 2,553 cars. Such a low output positioned the company to struggle in reaching the 2022 goal of 25,000 produced units, although that doesn’t seem to be a concern at the moment.

“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” said Rivan in a statement.

RIVN closed at $26.86 per share on Tuesday before surging as high as 30.46 on Wednesday morning when the news was announced. This is still a significant drop compared to the $146.07 peak in November.

Rivian Automotive was founded in 2009, but it wasn’t until 2012 that the company shifted its focus to EVs. The company currently offers two models, R1T and R1S, both of which are characterized as off-road vehicles.  

The post Rivian Stock Jumps 12% After Production Improvement in Q2 appeared first on theprimarymarket.com.

Reportedly, the decision will affect staff that performs manufacturing-related tasks. The company is primarily looking to increase the speed and capacity of its assembly lines, hoping to improve the sluggish production that has been plaguing the company in recent months.

When reached out to by Reuters, Rivian declined to confirm the relocations will indeed take place.

“In terms of ramping production, it’s helpful to have the manufacturing and engineering teams closer to our facilities in Normal as well as our headquarters in Irvine,” a Rivian spokesperson added.

During its rapid expansion in recent years, Rivian didn’t insist that its employees have an on-site presence while filling out the positions of need. However, the company is now determined to change the course and move away from remote working practice. The affected workers will reportedly be able to refuse relocation, in which case they will be let go with a severance package and replaced with those that have no trouble relocating.

Rivian has missed out on its goal of producing 25,000 electric cars in 2022. The company also expects to come short in 2023 compared to Wall Street estimates.

The post Rivian Relocating Staff Illinois Factory in Attempt to Ramp Up EV Production appeared first on theprimarymarket.com.

As part of its second-quarter report, Rivian adjusted its loss estimates from three months ago. Instead of $4.75 billion, it now expects to lose 700 million more, with the total figure standing at $5.45 billion. The company lost $1.71 billion in Q2 alone.

Informing the shareholders about adjusted loss estimates, Rivian “supply chain challenges” and “raw material inflation.”

On the other hand, the rest of the Q2 numbers were quite encouraging. Rivian beat the Wall Street estimate by raking up $364 million in revenue versus the $337.5 million expected. It also had an adjusted loss per share of $1.62 compared to an expected $1.63.

Another positive thing for Rivian is the increased interest in EVs that have the orders pouring in for the company’s products. Its R1-Series truck and R1S SUV currently have 98,000 preorders. The company delivered 5,694 vehicles this year.

Rivian stock (RIVN) has been down 2.70 percent in after hours trading, sliding to $37.90 per share. The company’s shares have been down more than 60 percent year to date.

The post EV Maker Rivian Predicts $5.45 Billion Loss in 2022 appeared first on theprimarymarket.com.

Rivian delivered only 1,227 EVs in the first quarter, while the Normal facility produced just 2,553 cars. Such a low output positioned the company to struggle in reaching the 2022 goal of 25,000 produced units, although that doesn’t seem to be a concern at the moment.

“These figures remain in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided,” said Rivan in a statement.

RIVN closed at $26.86 per share on Tuesday before surging as high as 30.46 on Wednesday morning when the news was announced. This is still a significant drop compared to the $146.07 peak in November.

Rivian Automotive was founded in 2009, but it wasn’t until 2012 that the company shifted its focus to EVs. The company currently offers two models, R1T and R1S, both of which are characterized as off-road vehicles.  

The post Rivian Stock Jumps 12% After Production Improvement in Q2 appeared first on theprimarymarket.com.