Rivian Burning Through Cash, Demand Is A Concern Going Forward via insideevs.com
. It won't be long before a whole host of automakers bring larger electric SUVs to market, and many early examples appear to be compelling, not to mention more affordable than the R1S.
Rivian seemed to be in good shape as it first came out of the gate thanks to much support and many investments. It moved on to go public, but since production started, that early stockpile of cash is fading quickly. The stock price is down about 75 percent over the last 12 months, which clearly isn't helping the situation. Still, Rivian said after Q3 2022 that it still had around $14 billion in cash after delivering over 20,000 EVs. Managing partner at Short Hills Capital Partners Steve Weiss shared:
"They've got a lot of cash, but they're going to go through it. No. 1, I don't find the vehicles particularly attractive. No. 2, they've had major problems. No. 3, they've lost a lot of executives and talent." In the midst of several executives leaving Rivian, the automaker has also had to initiate layoffs twice already. Between the two rounds, the automaker has reportedly gotten rid of around 12 percent of its employees.
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