NORMAL (25News Now) – Normal electric vehicle manufacturer Rivian is moving deeper into artificial intelligence and robotics with the creation of a spinoff company.
The company announced its third-quarter financial results on Tuesday and also announced that it is a “stockholder” in a new industrial AI company called Mind Robotics.
RJ Scaringe, CEO and founder of Rivian, said the new initiative will use $110 million in seed money from external funding to develop robotic solutions that will allow Rivian to run its factories more efficiently.
“It affects the way we think about designing the logistics within the factory. It affects the way we think about designing the layout of the factory,” Scaringe said on a conference call with industry analysts.
“The creation of this company is therefore the culmination of our desire to ultimately have direct control and direct influence over the design and development of advanced AI robotics with a focus on industrial applications,” Scaringe said.
The CEO declined to say whether the technology would lead to job cuts. Rivian announced on October 24 that it will cut approximately 4.5% of its non-manufacturing workforce.
Rivian reported in its quarterly report that gross profit for the period July 1 to September 30 was $24 million, down $206 million in the second quarter and up $206 million in the first quarter.
Rivian said total revenue for the third quarter was about $1.6 billion, up 78% from the same period last year. Automotive revenue increased to $1.14 million in the third quarter. 47% improvement compared to the same period last year.
“While we face near-term uncertainty due to trade, tariffs and regulatory policy, we remain focused on long-term growth and value creation,” Rivian said in a letter to shareholders.
Rivian also said it reaffirmed its forecast to deliver 41,500 to 43,500 electric vehicles this year.
On Tuesday, Rivian stock fell 5.2% to $12.50 during regular trading, but rebounded nearly 3% in after-hours trading after Rivian released its quarterly report. The stock price on Tuesday night was $12.87.
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