Rivian expects to drastically increase production of its flagship electric pickup truck next year, which a top executive said positions the startup to become profitable by the end of 2024.
Claire McDonough, the California-based company’s chief financial officer, gave a positive outlook on Rivian’s financials and production outlook during an interview last week with Bank of America Securities. She also announced lofty production goals for next year and teased to hundreds of thousands of vehicles being built at the company’s planned $5 billion factory in Georgia in 2026.
Rivian has burned through billions in recent years as it began mass production of its R1T pickup, R1S SUV and electric delivery vans for Amazon. The company’s growing pains — exacerbated by supply chain issues — led to its stock tanking last year and prompted renewed efforts to raise capital. McDonough said the groundwork has been laid for Rivian to stop bleeding cash and become profitable by the fourth quarter of 2024.
