Delivery delays could prove costly for Rivian:
Rivian on May 11 said it was working on overhauling its order system to separate reservations from the configuration process, in an apparent attempt to tackle customer criticism over supply shortages in its order system.'THE WORLD HAS CHANGED'
"The markets have closed to every company, good and bad. You have to hunker down and set your priorities, and do whatever it takes to get to the other side," said Daniel Ninivaggi, chief executive at EV startupMotors Corp, which this month sold its plant to Taiwanese contract manufacturer Foxconn as cash reserves plummeted.
At $16 billion, Rivian boasts significantly more cash than Lordstown and other small EV startups, such as Canoo, which this month issued a going-concern warning. While Rivian has told investors it had enough cash on hand to open its second U.S. plant for $5 billion in 2025, patience may be wearing thin.
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