Rivian will beat Tesla in 2023 - another FUD

There is an article posted saying that Rivian will beat Tesla in 2023. Before someone post the article claiming it is a 'fact' (without showing any data again), I'm showing you with facts that Rivian is a failing EV company. In fact, Rivian may face insolvency in the next couple of years.

Quote:

In 2021, the state of Georgia made an expensive bet on an unproven company that could be headed for financial catastrophe.
But as is often the case with hype-heavy startups, it wasn't at all clear that Rivian could deliver on its promises. Just weeks before the 2021 IPO, Rivian revealed in filings to the Securities and Exchange Commission (SEC) that it had produced only 56 of its R1T pickup trucks, and shipped just 42, mostly to its own employees.

In the years since, Rivian has failed to hit vehicle production targets, scaled back expectations, and lost billions of dollars, with no clear end in sight to the losses.

the company had a waitlist of more than 50,000 trucks and SUVs, which has since doubled. But the company missed its modest goal of producing 1,200 vehicles by the end of that year, ultimately producing 1,015 and only delivering 920. In 2022, Rivian planned to produce 50,000 vehicles, but after only producing 1,400 by March, it halved the goal to 25,000—which it still narrowly undershot.

Rivian is worth considerably less now than when it agreed to build the Georgia factory. In the year following the IPO, Rivian's stock lost 80 percent of its value, making it 2022's worst-performing stock on the NASDAQ 100. Ford began liquidating its Rivian holdings as soon as its lockup period expired, ultimately selling 91 million of its initial 101.9 million shares by the end of 2022.

By December 2022, however, just a year after its lucrative IPO, Rivian's cash on hand had fallen 36 percent, to $11.6 billion. In 2022, the company reported revenues of $1.7 billion but costs of $4.8 billion, "as a result of the increased production and delivery" of vehicles.

If Rivian cannot outrun its money woes within the next couple of years, it may have to shut its doors. State officials say the economic development agreement was "one of the strongest the State has secured in terms of clawbacks," potentially allowing the state to recoup its incentives if Rivian severed the deal through bankruptcy or otherwise.

Source:

The Tesla-Killer (Rivian) Poised to Soar in 2023! - Investorplace

Georgia is shoveling cash into a failing electric vehicle company (Rivian) - Reason