After two red quarters, some say Rivian poised for rebound
NORMAL (25 News Now) - After posting more than $3 billion in losses for the first half of the year, some still have an optimistic view of Rivian’s future.
The company recently restructured and cut costs, including some non-manufacturing jobs here in Central Illinois. ISU Economics Professor George Waters says despite ongoing supply chain problems, the company remains poised for a rebound.
“They still have that big order from Amazon, so if they can get their production happening, they should be in good shape,” Waters said.
“The demonstrated production rates within our production facility continue to give us confidence in the systems, equipment, and team members’ ability to ramp the production lines in our Normal Factory,” a quarterly letter to stockholders said. “However, we believe that supply chain constraints will continue to be the limiting factor of our production.”
Copyright 2022 WEEK. All rights reserved.