Rivian Automotive (NASDAQ:RIVN) shares are tumbling Thursday after the company reported mixed fourth-quarter results and issued 2024 vehicle production guidance well below analyst estimates.
Following the EV maker’s earnings, Rivian CEO RJ Scaringe appeared on CNBC’s “Squawk Box” to discuss earnings results and the company’s path toward profitability.
What Happened: Rivian reported a worse-than-expected loss of $1.36 per share in the fourth quarter of 2023. The company said it lost roughly $43,000 per vehicle during the quarter.
In an interview on “Squawk Box” Thursday morning, Scaringe outlined several cost-cutting measures Rivian is implementing in order to focus …