After two red quarters, some say Rivian poised for rebound

Rivian(25 News/Heart of Illinois ABC)
Published: Aug. 12, 2022 at 5:41 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

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 electric vehicle manufacturer is still investing in its Twin Cities manufacturing plant, including a new wind turbine recently approved by the Normal Town Council in July.

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.

Amazon worked with Rivian on a new shipment of electric delivery vans. In a letter to stockholders, Rivian says its primary focus is ramping production.

“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.