Toronto, Ontario — In this weekly Tuesday Ticker, Rivian disappoints analysts and investors with Q4 and full-year 2023 results, while Stellantis execs discuss the OEM’s vow to never buy a single regulatory credit to meet emissions regulation goals.
Rough waters for Rivian
Shares of Rivian reached new lows last Thursday after the EV maker reported mixed results for Q4 2023 and a 2024 production outlook that disappointed investors and fell short of analyst expectations.
Total revenue for the fourth quarter of 2023 was US$1.315 million; Rivian delivered 13,972 vehicles during Q4. Full-year 2023 revenues were $4.434 billion with 50,122 vehicles delivered.
Rivian also benefited US$39 million in revenue thanks to the sale of regulatory credits through Q4 2023, totalling US$73 million for the entire fiscal year 2023.
Despite the results, Rivian continues to face problems with profitability. Net losses for Q4 2023 were US$1.52 billion—which still rings in under last year’s Q4 figures, where Rivian marked US$1.72 in losses.
When calculating Rivian’s losses-per-vehicle, the OEM lost approximately US$43,372 for each vehicle in delivered in Q4 2023.
Annual net losses improved over 2022, reporting US$5.4 billion in 2023 compared to US$6.75 billion net losses in 2022. Rivian maintains these high costs are associated with production costs, supplier-related fees and investments in new technologies for their vehicles.
Rivian plans to produce 57,000 vehicles in 2024; the same amount it produced in 2023.
The automaker topped its results call off with an announcement that it would be cutting ten percent of its salaried workforce. CEO RJ Scaringe said the decision allows the OEM to “maximize the amount of impact [it] can have as a company,” adding that Rivian is “not immune to existing economic and geopolitical uncertainties.”
As of 10:30 a.m. E.T. Monday, shares of Rivian traded at US$10.32, down 51 percent year-to-date.
Stellantis says no
You won’t catch Stellantis purchasing any regulatory emissions credits from other automakers, according to the OEM’s chief executive Carlos Tavares, who allegedly won’t let the brand “ever buy a single credit.”
Tim Kuniskis, CEO of Dodge and Ram shared the Tavares’ opinions at a recent press conference in California, adding that this has forced the brand to innovate by emissions regulations rules. Kuniskis pointed out that it “innovated” as such with the Ram 1500, which dropped the Hemi V8 engine in the 2025 model to replace it with a 3.0-litre twin-turbocharged Hurricane inline-six, which is said to be more fuel efficient and emits fewer toxic gases.
“It’s not even a topic of discussion,” said Kuniskis about the potential of purchasing credits. “We don’t buy credits, we’re not buying credits, we’re not going to do that. Not having that mental safety blanket forces you to self-regulate; it forces you to make the tough calls, and we adjust our plans on a monthly basis based on where we see the trajectory of compliance.”
Tesla has made US$9 billion in selling leftover regulatory emissions credits to other automakers. Last year alone Tesla cashed in US$1.79 billion through the practice.
