Rivian Is Inviting R1T Reservation Holders To Order Their New EVs – SlashGear

Last month, Rivian announced that it lost $1.7 billion in 2022’s final quarter due to production issues, with actual figures falling way behind estimates. Overall, the company’s losses have ballooned to a staggering $6.8 billion for the past year. In a bid to raise liquid cash, the company is selling convertible notes worth around $1.3 billion, which has worried investors that the company is its breakeven prospects even further into the future. Thankfully, the supply chain woes has since eased and the company is now aiming to boost its production figures to 50,000 units rolling assembly lines in 2023. 

CEO RJ Scaringe told investors that the company won’t engage in aggressive price cuts to stay competitive, adding that the “demand backlog we have is very robust.” However, having solid demand doesn’t translate to the same kid of joy for buyers that are growing increasingly impatient, which doesn’t bode well for a brand hoping to dethrone Tesla. According to Insider, some Rivian enthusiasts have been waiting for over two years to get their order delivered.