Rivian is having a rough time navigating supply chain bottlenecks and soaring material costs that are roiling the global auto industry. But the California EV startup still has big plans for the future, despite lots of red ink and new Wall Street skepticism.
"While the near-term industry conditions remain very fluid, our path to creating long-term value is unchanged," CEO RJ Scaringe told analysts last week. "We are targeting the most attractive market segments with exceptional products."
Scaringe made the upbeat comments during an otherwise downbeat fourth-quarter earnings call. The young automaker is slashing production targets for its electric vehicles, backing off of unpopular price hikes for some customers and warning of continued financial losses.