24/7 Wall St. Insights
- Rivian Automotive Inc. (NASDAQ RIVN) factory workers reportedly are not safe as they do their jobs.
- Worker safety is just one of the problems facing the EV maker.
- Also: Dividend legends to hold forever.
Bloomberg ran a horrible takedown of safety violations in Rivian Automotive Inc. (NASDAQ RIVN) factories titled “Cracked Skull, Fractured Bones Show Danger for Rivian Factory’s Workers.” Workers, it reported, are not safe under many circumstances.
The U.S. Occupational Safety and Health Administration has hit Rivian with 16 serious violations in 21 months. The largest car companies in the United States had many fewer such actions, and some had none. Management tried to counter the accusation that its factories were unsafe but, balanced against the violations, its comments were less than an excuse.
Even without worker safety problems, Rivian is in deep trouble. Some car industry experts and investors believe the company will not survive, at least as an independent public company.
Rivian only produced 13,157 vehicles and delivered 10,018 during the third quarter. It has not released its third-quarter financials. However, in the second quarter, it had revenue of $1.1 billion, on which it lost $1.2 billion. There is no reason to believe the losses will not occur in future quarters.
The company not only has a sales problem. It has a price problem as well. During a period when the electric vehicle industry is trying to cut retail prices to bring in customers, some Rivian models are priced close to $100,000. In addition, people considering a Rivian have to worry about whether the company will stay in business.
Three Glaring Problems Facing Rivian
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