Rivian aims to cut material costs by 45% with the introduction of its Gen 2 platform by 2026, a critical move for achieving future profitability.
Key growth drivers for Rivian include significant cost reductions in electric vehicle components and expanded production capacity, with a target of reaching profitability by 2027.
Despite the early euphoria and backing from major investors like Amazon, Rivian's stock has plummeted 84.37% since its initial public offering, now trading around $12.19.
Recent news saw Rivian's shares increase following a potential settlement between Tesla and Rivian over alleged employee poaching, indicating changing dynamics within the EV market.
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