Rivian Automotive has faced significant financial challenges, with losses totaling $4.7 billion in 2021, $6.8 billion in 2022, and $5.4 billion in 2023. Despite these setbacks and a decrease in valuation from $153 billion in 2021 to $8.2 billion currently, UBS has upgraded Rivian's stock from neutral to buy, citing a more balanced risk/reward at current levels. Concurrently, Rivian has implemented several rounds of layoffs, including a recent cut of 1% of its workforce, marking the second job reduction this year. This follows an earlier announcement of a third round of layoffs within a year, as the company strives to manage costs amid a broader slowdown in the electric vehicle market.
⚠️ RIVIAN CUTS 1% OF WORKFORCE IN SECOND JOB CUT THIS YEAR Full Story → https://t.co/bLXPAycens Electric vehicle maker Rivian said on Wednesday it cut about 1% of its workforce - the second round of job cut this year - as it races to reduce cost amid a broader slowdown in EV… https://t.co/qFD4ifdtqs
RIVIAN AUTOMOTIVE SHARES PARE GAINS, LAST UP 1.8% AFTER CO SAYS JOB CUTS TO IMAPCT 1% OF WORKFORCE IN SECOND ROUGH OF CUTS THIS YEAR
THIS IS THE THIRD ROUND OF LAYOFFS AT RIVIAN IN UNDER A YEAR $RIVN https://t.co/Z5TG0YAvfm
BREAKING: RIVIAN HAS JUST STARTED A NEW ROUND OF LAYOFFS $RIVN
Rivian $RIVN layoffs https://t.co/xcffzSVqLf
NEWS: Rivian has reportedly started a new round of layoffs. https://t.co/IaDAlnYLYw
Rivian Stock Skids Again: Is It a Buy at All-Time Lows? @davidmoadel https://t.co/svAGq4sLNu $RIVN
$RIVN UBS upgrades Rivian to buy from neutral UBS said it sees a more balanced risk/reward for Rivian shares. “We believe the near-term risk/reward is more balanced at current levels
Rivian lost $4.7 billion in 2021 but investors looked past this during the EV mania, valuing the company @ $153 billion. Today, investors seem to care about profits again w/ Rivian valued @ $8.2 billion after posting a $6.8 billion loss in 2022 & $5.4 billion loss in 2023. $RIVN https://t.co/sPL7HrZ0Mq