Rivian Automotive, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Rivian Automotive, Inc. has filed its 2023 Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Rivian Automotive, Inc. / DE (RIVN) filed a Annual Report (10-K) with the SEC on February 26, 2024. Rivian Automotive, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing is a Form 10-K, submitted on February 26, 2024. The company's principal business address is 14600 Myford Road, Irvine, CA 92618. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. Rivian's Standard Industrial Classification is MOTOR VEHICLES & PASSENGER CAR BODIES [3711].

Why It Matters

For investors and stakeholders tracking Rivian Automotive, Inc. / DE, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Rivian's financial health, operational activities, and strategic direction for investors and stakeholders. The detailed financial data within the report is crucial for understanding the company's current market position, profitability, and future growth prospects in the competitive automotive industry.

Risk Assessment

Risk Level: medium — Rivian Automotive, Inc. / DE shows moderate risk based on this filing. Rivian operates in the highly competitive and capital-intensive automotive industry, facing significant challenges in scaling production and achieving profitability, as indicated by its ongoing operational activities and financial reporting.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Rivian's path to profitability and its competitive standing.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-26 — Filed As Of Date (Date of filing)
• 3711 — Standard Industrial Classification (SIC code for Motor Vehicles & Passenger Car Bodies)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• Rivian Automotive, Inc. (company) — Filer name
• DE (company) — State of incorporation
• 0001874178 (company) — Central Index Key
• 14600 Myford Road (company) — Business address street
• Irvine (company) — Business address city
• CA (company) — Business address state
• 92618 (company) — Business address zip
• 2024-02-26 (date) — Filing date

FAQ

Industry Context

Rivian operates within the electric vehicle (EV) manufacturing sector, a rapidly evolving and competitive industry characterized by technological innovation and increasing consumer demand.

Regulatory Implications

As a publicly traded company, Rivian is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings such as this 10-K to ensure transparency and compliance.

What Investors Should Do

1. Analyze Rivian's revenue streams and production figures for 2023.
2. Review the company's cash burn rate and liquidity position.
3. Assess the identified risk factors and management's mitigation strategies.

Key Dates

• 2024-02-26: Filing of 10-K — Submission of the annual report for the fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period for the 10-K.
• 2023-01-01: Fiscal Year Start — Start date of the reporting period for the 10-K.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings which would have covered earlier periods.

Key Financial Figures

• $0.001 — which registered Class A common stock, $0.001 par value per share RIVN The Nasdaq Sto

Filing Documents

• rivn-20231231.htm (10-K) — 1762KB
• ex-432023descriptionofcapi.htm (EX-4.3) — 42KB
• ex-2112023subsidiaries.htm (EX-21.1) — 16KB
• ex-2312023kpmgconsent.htm (EX-23.1) — 2KB
• ex-3112023form10xk.htm (EX-31.1) — 9KB
• ex-3122023form10xk.htm (EX-31.2) — 8KB
• ex-3212023form10xk.htm (EX-32.1) — 5KB
• ex-3222023form10xk.htm (EX-32.2) — 5KB
• ex971clawbackpolicy.htm (EX-97.1) — 31KB
• rivn-20231231_g1.jpg (GRAPHIC) — 251KB
• rivn-20231231_g2.jpg (GRAPHIC) — 89KB
• 0001874178-24-000014.txt (&nbsp;) — 9590KB
• rivn-20231231.xsd (EX-101.SCH) — 55KB
• rivn-20231231_cal.xml (EX-101.CAL) — 97KB
• rivn-20231231_def.xml (EX-101.DEF) — 288KB
• rivn-20231231_lab.xml (EX-101.LAB) — 772KB
• rivn-20231231_pre.xml (EX-101.PRE) — 509KB
• rivn-20231231_htm.xml (XML) — 1131KB

Forward-Looking Statements

Forward-Looking Statements 2 Summary of Risk Factors 2 Part I 3

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 50

Cybersecurity

Item 1C. Cybersecurity 50

Properties

Item 2. Properties 51

Legal Proceedings

Item 3. Legal Proceedings 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 52 Part II 53

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 53

[ Reserved ]

Item 6. [ Reserved ] 54

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 64

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 65

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 96

Controls and Procedures

Item 9A. Controls and Procedures 96

Other Information

Item 9B. Other Information 97

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 97 Part III 98

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 98

Executive Compensation

Item 11. Executive Compensation 98

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 98

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 98

Principal Account ant Fees and Services

Item 14. Principal Account ant Fees and Services 98 Part IV 99

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 99

Form 10-K Summary

Item 16. Form 10-K Summary 102

Signatures

Signatures 103 1 RIVIAN AUTOMOTIVE, INC.

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K ("Form 10-K") contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Form 10-K may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Form 10-K include, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth, plans and objectives relating to our climate commitment, and our objectives for future operations. The forward-looking statements in this Form 10-K are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part I, Item 1A. "Risk Factors" in this Form 10-K for the year ended December 31, 2023 and other important factors

Business

Item 1. Business Overview Rivian is an American automotive manufacturer that develops and builds category-defining electric vehicles ("EVs") and accessories. The Company creates innovative and technologically advanced products that are designed to excel at work and play with the goal of accelerating the global transition to zero-emission transportation and energy. Rivian vehicles are built in the United States and are sold directly to consumer and commercial customers. The Company provides a full suite of services that address the entire lifecycle of the vehicle and stay true to its mission to keep the world adventurous forever. Whether taking families on new adventures or electrifying fleets at scale, Rivian vehicles all share a common goal — preserving the natural world for generations to come. Starting with a clean sheet, we built a vertically integrated ecosystem comprised of our vehicle technology platform, cloud architecture, product development and operations, products, and services. Interconnected by our data and analytics backbone, our ecosystem is designed to deliver fast-paced innovation cycles, structural cost advantages, and exceptional customer experiences. 3 RIVIAN AUTOMOTIVE, INC. Our Products and Services Consumer Vehicles Engineered for all of life's adventures, our Electric Adventure Vehicles combine performance, utility, and efficiency. In the consumer market, we launched the R1 platform with our first generation of consumer vehicles: the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport utility vehicle ("SUV"). The R1T and R1S are equipped with a proprietary set of advanced technology systems, including vehicle electronics, battery, electric drive, chassis, Driver+, our advanced driver assistance system ("ADAS"), and digital user experience management. These technologies can continuously improve and expand functionality through cloud-enabled over-the-air ("OTA") updates. The R1T and

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View this 10-K filing on SEC EDGAR