"One of our core strategies and approaches to offset some of the impacts of the...elimination of some of the credits for consumers is to bring a product to market that opens up the addressable market of consumers that can now say yes to a Rivian,"
"With the changing operating backdrop, we had to rethink how we are scaling our go-to-market functions,"
"It meant that we needed to reduce our costs in our vehicle roadmap,"
"And the key strategy for us is to bring to market a more mass-market-priced product, which is coming out next year."
Electric-vehicle demand is cooling as legacy automakers pull back on electrification, delay EV launches, and cut EV production amid the end of federal tax credits. Rivian plans a lower-priced midsize SUV, the R2, starting at $45,000 to broaden consumer reach and offset reduced incentives. The company reduced about 4.5% of its workforce and restructured go-to-market functions to reduce costs. R2 prototypes are undergoing validation and durability tests in California. Rivian added a 1.1 million-square-foot expansion at its Normal, Illinois plant and remains on track to begin production in the first half of next year.
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