Rivian winning ‘game of execution’

California-based Rivian announced a narrower-than-expected Q1 loss on Tuesday and maintained its target of producing 50,000 trucks, delivery vans and SUVs this year. The company also laid out plans for how it intends to achieve gross profitability in 2024 with a combination of higher prices, lower material costs and greater utilisation of manufacturing capacity.

Rivian’s outlook compares favourably with other EV start-ups attempting to become the 'next Tesla'. California-based Fisker, founded in 2016 by former Tesla designer Henrik Fisker, this week cut its 2023 production forecast to 32,000-36,000 from 42,000. Fellow Sunshine State OEM Lucid Motors, 65pc owned by Saudi Arabia’s Public Investment Fund, lowered guidance for this year by 4,000 to 10,000 vehicles.