Rivian Gets Lowest EV Quality Score
Rivian scored worst among EV companies in the new Consumer Reports auto brand survey. The study ranks 34 brands based on road tests, reliability scores, and safety rankings. Consumers widely use it for car purchases. Brands receive scores that can run between zero and 100. Among all brands, BWM came in first with a score of 82. Tesla finished 18th with a score of 65.
EV Aircraft —A New Challenge
Rivian had a score of 55, which put it in 30th place. This adds to several challenges Rivian has, which include low unit sales and poor financials. The EV industry is troubled by slowing sales, partly because of the range of battery charges, the time it takes to charge a car, and the low number of battery chargers nationwide.
Quality scores are not Rivian’s only issue. Production and financial problems have driven its shares down 88% over the last two years, compared to a 16% increase in the S&P 500. One analyst said Rivian’s shares could drop another 20%, according to Motley Fool.
Recently, Rivian laid off 10% of its workers. Deliveries in the fourth quarter were 13,972. In the previous quarter, they were 15,564. Rivian had revenue of $1.32 billion. It lost $1.52 billion.
Rivian is up against two severe problems. The first is competition. Tesla’s Cybertruck came to market recently. And Ford continues to push sales of its Ford F-150 Lightning, its EV flagship, despite the poor sales.
The other challenge for Rivian and the industry is that EV sales have flamed out.
