Another $33,000 loss heading down the production line.
It’s tough starting a new electric vehicle company these days, just ask Faraday Future or Lordstown Motors. But Rivian seemed like one of the good ones that might actually make it, as it’s been shipping its electric trucks out to customers for almost two years now. However, the company is still burning through cash at an extraordinary rate, and a new report found that it actually loses more than $30,000 on almost every truck it sells.
According to a new report from The Wall Street Journal, which was brought to our attention by the folks over at CarScoops, Rivian is looking to dramatically cut the manufacturing costs for its R1T and R1S electric vehicles. According to the WSJ, the American automaker hopes to slash production costs by as much as $40,000 to claw back the losses it makes on each vehicle. The site reports:
Rivian vehicles sell for over $80,000 on average. Yet they’re so expensive to build that in the second quarter the company lost $33,000 on every one it sold. That’s roughly the starting price of a base model Ford F-150.