Full speed ahead for Rivian despite earnings, per Georgia officials

  • 📰 axios
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

The day after Rivian stocks fell in response to a $7 billion annual loss, CEO R.J. Scaringe came to Georgia to trumpet the EV-maker's ongoing plans for a massive production facility east of Atlanta.

Despite a year of unprofitability and an ongoing legal battle with some residents, Rivian has begun site development on a 2,000-acre parcel 50 miles east of Atlanta. The company opened an office nearby, and as Kemp made clear, Rivian continues to have the state’s support.

"They're just continuing to work to scale that production up, but it's no different than what Tesla or any other new EV manufacturers have gone through,” Kemp told reporters Wednesday.they "expected it to be a challenging year" given the release of three new vehicles and high demand.— will be "foundational for us to really get to the next level of scale and continue to drive not only our scale but our profitability.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 302. in BUSİNESS

Business Business Latest News, Business Business Headlines