Rivian announces 1B gross loss and 600M revenue [pdf]

Post by draw_down » Tue, Feb 28, 2023, 9:53 PM UTC

mattlondon wrote: post #33

mushufasa wrote: post #5

"We generated negative gross profit of $(1,000) million for the fourth quarter 2022. For fiscal year 2022, we generated negative gross profit of $(3,123) million. Gross profit for the fourth quarter 2022 was impacted by a lower of cost or net realizable value (“LCNRV”) of inventory charge and losses on firm purchase commitments of $920 million as of December 31, 2022 compared to $95 million as of December 31, 2021. W…

"negative gross profit" ... that is corpspeak for "loss" right? I guess don't say "The L-word" is some attempt to paint a rosy picture? "This is not use losing money! We're making a negative profit by investing!"

Post by alexb_ » Tue, Feb 28, 2023, 9:53 PM UTC

bonzini wrote: post #26

alexb_ wrote: post #21

Earlier quoted context omitted.

In the land of cheap debt and endless promises, you can continue running a completely irrational business for a very long time. Just look at Uber, who has never turned a profit. It gets especially bad when you are a new electric car company presenting yourself as a tech company so that you can get tech-company like speculators throwing money at things that make no logical sense whatsoever.

Twitter did turn a profit in 2018 and 2019.

Post by cassac » Tue, Feb 28, 2023, 9:54 PM UTC

basch wrote: post #29

mbgerring wrote: post #9

The financials may not look good right now, but the vehicles are extremely good. They’re already way out in front of the EV truck segment, and the big automakers have a huge gap to make up to reach the same level of quality. I wouldn’t be surprised if they manage to turn this around and become profitable.

You hear this all the time. There is no such thing as a huge lead in automaking. It’s an incredibly clonable product, and each company has huge teams taking apart each others products. It’s also not really the product that matters. It’s service centers, parts, repairs, manufacturing capacity. The traditional companies have entrenched supply chains to get parts, and cars, across the country and into hands. All the new…

Post by onlyrealcuzzo » Tue, Feb 28, 2023, 9:54 PM UTC

mattlondon wrote: post #33

mushufasa wrote: post #5

"We generated negative gross profit of $(1,000) million for the fourth quarter 2022. For fiscal year 2022, we generated negative gross profit of $(3,123) million. Gross profit for the fourth quarter 2022 was impacted by a lower of cost or net realizable value (“LCNRV”) of inventory charge and losses on firm purchase commitments of $920 million as of December 31, 2022 compared to $95 million as of December 31, 2021. W…

"negative gross profit" ... that is corpspeak for "loss" right? I guess don't say "The L-word" is some attempt to paint a rosy picture? "This is not use losing money! We're making a negative profit by investing!"

Post by PragmaticPulp » Tue, Feb 28, 2023, 9:54 PM UTC

hedora wrote: post #36

mbgerring wrote: post #9

The financials may not look good right now, but the vehicles are extremely good. They’re already way out in front of the EV truck segment, and the big automakers have a huge gap to make up to reach the same level of quality. I wouldn’t be surprised if they manage to turn this around and become profitable.

I really like their cars, but they’re not practical replacements for a full size pickup truck (as the F-150 Lightning is). Anyway, they’re competing more with range rover and jeep than trucks, which is fine (and also a mostly-unaddressed segment).