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Rivian cops massive losses on each vehicle it sells – report
Rivian, an American electric vehicle startup, is experiencing massive losses on each vehicle it sells, with the company losing around $33,000 on every vehicle sold. The company’s complex design of its R1T ute and R1S SUV has exacerbated the issue, with the company only building 65,000 vehicles since its inception in 2021. Rivian’s factory is only running at one-third of its full capacity, and its share price has fallen to around 70% of its initial value. The company’s high production costs are attributed to difficulties in the manufacturing process, such as the company’s’skateboard’ type chassis, which adds weight and complicates the manufacturing process. Rivian is reportedly making progress in renegotiating supplier contracts at above-market rates.
