NORMAL (25News Now) – Rivian, which makes electric vehicles in Normal, is venturing deeper into artificial intelligence and robots by creating a spinoff company.
Besides announcing third quarter financial results on Tuesday, the company said it’s a “shareholder” in a new industrial AI firm called Mind Robotics.
Using $110 million in seed money from an outside source, Rivian CEO and founder RJ Scaringe said the new endeavor will develop robotic solutions enabling Rivian to run its plants more efficiently.
“That influences how we think about designing logistics inside of a plant. It influences how we think about designing even plant layouts,” said Scaringe during a conference call with industry analysts.
“So, the creation of this company is ultimately the culmination of us coming to the view that we wanted to have direct control and direct influence over the design and development of advanced AI robotics that would be very focused on industrial applications,” Scaringe said.
The CEO did not indicate whether the technology would lead to job reductions. Rivian announced on Oct. 24 that it was cutting about 4.5% of its non-manufacturing workforce.
In its quarterly report, Rivian reported $24 million in total gross profit for the period from July 1 to Sept. 30, having lost $206 million in the second quarter, and gained $206 million in the first quarter.
Rivian said it took in almost $1.6 billion in total revenues in the third quarter, 78% better during the same quarter a year ago. Automotive revenues rose to $1.14 million in the third quarter; a 47% improvement compared to the same quarter last year.
“While we face near-term uncertainty from trade, tariffs, and regulatory policy, we remain focused on long-term growth and value creation,” Rivian said in its letter to shareholders.
Rivian also said it is reaffirming its forecast to deliver 41,500 to 43,500 EVs this year.
Tuesday, Rivian’s share price was down 5.2% to $12.50 during the regular trading session, but it rallied almost 3% in after-hours trading when Rivian released its quarterly report. Tuesday night, the share price stood at $12.87.
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