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“Rivian Implements Workforce Reduction Amid Increasing Pressure on EV Pricing”

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This is the third round of layoffs for the EV company since July 2022 when Rivian cut 6% of its workforce. On a full-year basis, Rivian reported revenue of $4.4 billion, up from $1.66 billion in 2022. It brought in about $39 million in the fourth quarter and $73 million for the full year from the sale of regulatory credits. On an adjusted basis, it reported a loss of $1.1 billion compared to a $1.5 billion loss in the same year-ago period. “We took significant steps towards driving greater efficiency in 2023 gross profit per vehicle improved by approximately $81,000 when comparing the fourth quarter of 2023 to the fourth quarter 2022,” Scaringe said on an earnings call Wednesday.

“Tesla Predicts Significant Decline in Electric Vehicle Sales by 2024”

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Tesla reported operating income of $2.06 billion in the fourth quarter, a 47% decrease from the same year-ago period. Tesla spent $1.1 billion on research and development in the fourth quarter, a 35% from the same period last year. Tesla was able to claw back some of its automotive industry-leading margins in the fourth quarter, thanks in part to a push to further reduce costs. Energy GrowthWhile Tesla was cautious about vehicle growth in 2024, the company remains bullish on the growth of its energy storage business. Storage deployments were up 125% year-over-year, even with a slower fourth quarter.

Deemed “Significantly Reduced”: Tesla Predicts Decrease in Electric Vehicle Sales for 2024

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Tesla says EV sales growth may be “notably lower” in 2024 The automaker's earnings show a company at a profit-growth crossroadsTesla’s strategy to drive sales through price cuts combined with the cost of bringing the Cybertruck into production put pressure on profits in the fourth quarter, according to earnings reported Wednesday. Tesla reported operating income of $2.06 billion in the fourth quarter, a 47% decrease from the same year-ago period. Tesla spent $1.1 billion on research and development in the fourth quarter, a 35% from the same period last year. Energy GrowthWhile Tesla was cautious about vehicle growth in 2024, the company remains very bullish on the growth of its energy storage business. Storage deployments were up 125% year-over-year, even with a slower fourth quarter.

Potential Decline in Tesla EV Sales Projected for 2024

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Tesla says EV sales growth may be “notably lower” in 2024 The automaker's earnings show a company at a profit-growth crossroadsTesla’s strategy to drive sales through price cuts combined with the cost of bringing the Cybertruck into production put pressure on profits in the fourth quarter, according to earnings reported Wednesday. Tesla reported operating income of $2.06 billion in the fourth quarter, a 47% decrease from the same year-ago period. Tesla spent $1.1 billion on research and development in the fourth quarter, a 35% from the same period last year. Tesla was able to claw back some of its automotive industry-leading margins in the fourth quarter, thanks in part to a push to further reduce costs. Analysts had expected the company to earn around $25.62B billion in revenue in the fourth quarter of 2023, according to Yahoo Finance data.

Expensive Seed Deals Were Rare in the Underwhelming 2023 Venture Capital Market

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Hopes that it would become easier for startups to raise capital in 2023 were left unmet as the year ended. The Exchange explores startups, markets and money. New data from business database PitchBook paints a modestly dim picture of venture capital investment activity in the fourth quarter of 2023. Per PitchBook’s preliminary count, startups in the U.S. raised 2,879 rounds worth about $37.5 billion in the fourth quarter — the lowest quarterly deal value since Q3 2019, and the lowest deal count since Q4 2017. Across stages, venture capital investment activity in the United States is flagging, and this extends past aggregate figures — for example, we saw less total capital invested in U.S. startups last year than in 2020.

“The Fourth Successful Launch of Firefly’s Alpha Rocket to Orbit”

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Firefly Aerospace sent its Alpha rocket to orbit this morning, with the company carrying a payload from Lockheed Martin to space. Today’s launch marks the fourth-ever flight of Firefly’s Alpha rocket. The rocket was carrying Lockheed’s demonstrator payload, called the Electronically Steerable Antenna (ESA) technology demonstrator, to low Earth orbit. From there, the Lockheed Martin payload should have been deployed. For that mission, Firefly had just 24 hours to complete final launch preparations, encapsulate the payload and mate it to the rocket.

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