Home Electric Vehicles Rivian sees steady year-round demand, but will still cut costs and boost efficiencies

Rivian sees steady year-round demand, but will still cut costs and boost efficiencies

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Rivian sees steady year-round demand, but will still cut costs and boost efficiencies

According to Reuters, electric car maker Rivian Chief Financial Officer Claire McDonough claimed yesterday that despite high borrowing costs and recession fears weakening market demand, the company still expects steady demand for its pickups and SUVs this year.


▲ Picture source Rivian

McDonough said Thursday at the Deutsche Bank Automotive Conference that Rivian ramped up production of internal drive units ahead of schedule. The California-based startup has been developing its own drives to reduce costs and dependence on suppliers.

“We’ve certainly seen the broad impact of the macroeconomic environment in 2023, but from a demand perspective, we’ve seen a very stable demand environment throughout our operations this year,” McDonough noted. Emphasis: “Our priority now is to increase production and reduce costs so that we can really start to reduce the level of expenses within the company.”

Rivian decided to cut 6% of its workforce in February and maintained its annual production forecast of 50,000 vehicles last month.

It was previously reported that Rivan’s revenue in the first quarter reached 661 million US dollars, a year-on-year increase of 596%, with a net loss of 1.349 billion US dollars, narrowed year-on-year. The company is currently selling the R1T electric pickup and the R1S electric SUV.