Rivian Automotive Inc.
RIVN,
finance chief said the electric-vehicle maker plans to put growth before profit as the company looks to build out the business following its public listing in November.
“We want to prioritize our ability to rapidly bring new vehicles to market versus having that path to prioritize profitability,” Chief Financial Officer Claire McDonough said. A former investment banker, Ms. McDonough is tasked with allocating billions of dollars toward expanding Rivian’s production capacity and eventually raising additional money to fund its growing business.
Founded in 2009, the Irvine, Calif.-based startup said last month it would spend up to $5 billion on a second U.S. plant in Georgia, which would have an annual capacity of 400,000 vehicles. Production is slated to start in 2024.
That’s in addition to the 150,000 vehicles a year that Rivian wants to build at its plant in Normal, Ill. The company began manufacturing trucks there in September.
An expanded version of this story appears on WSJ.com.
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