Rivian Loses more than 50 Trucks in blaze; Quarterly Earnings likely hit hard

By Douglas McIntyre • August 26, 2024

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Rivian lost over 50 trucks that burned in one of its lots. They were supposed to be shipped to customers. The company produced only 9,617 trucks last quarter, so the reduction is not trivial and could keep Rivian from making its forecast numbers. It is not clear whether any trucks were damaged, whether any trucks on the road need to be recalled, or if its production facility was burned.

Rivan needs to get every truck it makes onto the road. It has to keep up with the Ford F-150 Lightning, which has not been a success, but continues to be a presence. The Tesla Cybertruk’s sales seem to have picked up after a slow start. Chevy is moving into the market with an EV Silverado.

Anxiety Among Buyers
Additionally, fires make potential buyers concerned about safety, even if safety is not an issue. Only a few people need to be put off by the fire for it to hurt Rivian’s image.

Ravian can’t afford a misstep. It lost $1.5 billion in the most recent quarter. That is part of a long trail of quarterly billion-dollar losses. It has already had to lay off workers.