What's Going On With Rivian Automotive Stock Today?

Zinger Key Points
  • Rivian's stock experiences premarket decline ahead of first-quarter financial report amid production adjustments and cost-cutting measures.
  • Rivian forecasts production of 57,000 vehicles in 2024, aiming to improve cost efficiency despite projecting a significant EBITDA loss.

Rivian Automotive, Inc. RIVN shares are trading lower in the premarket session on Friday.

According to Benzinga Pro, RIVN stock has lost over 30% in the past year. Investors can gain exposure to the stock via ALPS Clean Energy ETF ACES and First Trust NASDAQ Clean Edge Green Energy Index Fund QCLN.

Rivian is set to announce its first-quarter financial results after the market closes on May 7 and will host a conference call to discuss the results at 5:00 p.m. ET the same day. 

According to estimates from Benzinga Pro, the company is expected to report losses of $(1.15) per share and quarterly revenue of $1.153 billion.

The EV manufacturer’s production facility located in Normal, Illinois, is inactive as it undertakes adjustments to cut material expenses for its R1S and R1T models. 

Scheduled to resume operations after April 30, the shutdown will have repercussions throughout the year as the company expands its production capacity.

What’s Next: For fiscal 2024, Rivian said it will be focused on cost efficiency, continuing progress made in 2023 that increased gross profit per delivered vehicle.

The company guided for production of 57,000 vehicles in 2024, which would be in line with 2024 production.

Rivian guided for adjusted EBITDA of a loss of $(2.7) billion for 2024. The company had announced it would reduce its salaried workforce by around 10% to help further improve costs.

Price Action: RIVN shares are trading lower by 0.94% to $9.48 premarket on the last check Friday. 

Photo via Shutterstock

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