Rivian Automotive (RIVN) is looking to challenge Tesla (TSLA), Ford (F) and General Motors (GM) with its adventure-styled electric vehicles. RIVN shares surged 40% in December 2023 but have come back to earth to begin 2024, falling more than 50%.
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Rivian reported reported a worse-than-expected loss in the first-quarter late on May 7 as the company lost $38,784 per vehicle delivered. Meanwhile, speculation has run rampant that Apple (AAPL) is looking to partner with the EV startup.
Rivian announced a loss of $1.24 per share in the first quarter, down from a $1.25 loss a year ago, while revenue increased more than 80% to $1.204 billion. Analysts predicted a loss of $1.15 per share in Q1 with sales totaling $1.17 billion.
Rivian ended Q1 with $7.858 billion in cash, cash equivalents, and short-term investments. Rivian ended Q4 with around $9 billion in cash. The EV startup said…
