Customers Are Growing Frustrated With Rivian's Delivery Delays | Carscoops carscoops
notes any delivery delays will prove costly for the car manufacturer as new electric pickups start begin production, including the Ford F-150 Lightning.
Rivian currently has $16 billion of cash in hand but according to Morgan Stanley analyst Adam Jonas, burned through $1.2 million per vehicle it delivered in the first quarter and is tipped to spend $7 billion in cash this year. In a recent Rivian earnings call with investors, Jonas warned the carmaker’s chief financial officer, Claire McDonough, that “since [Rivian’s] IPO, the world has changed dramatically, investors just don’t want to fund negative EBITDA growth companies in this environment.
The company believes the worst of the semiconductor shortage is behind it but has not yet said when it expects to make a profit on each car it sells. According to Lucid chief executive Peter Rawlinson, Rivian needs to raise its sticker prices to $95,000 if it wants to return a profit.
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