Rivian says lower-cost second generation EVs to help in push for profitability
-Rivian will be able to slash a fifth of its material costs from electric SUVs and pickups by the end of 2024, CEO RJ Scaringe said on Thursday, after a recent factory overhaul and a vehicle redesign to aid its push to profitability.), which fell as much as 8.9%, were last down less than 3% after the company reaffirmed its largely flat annual production growth forecast.) said it would invest up to $5 billion in Rivian as part of a joint venture for its EV architecture and software.
Rivian shut down its plant at Normal, Illinois for three weeks in April to make the changes, including simplifying processes and removing equipment at the facility, as well as eliminating over 500 parts from the vehicles in an effort to make them cheaper to build. In the long term, Rivian targets a gross profit margin of 25% and adjusted core profit margin in the high-teens, finance chief Claire McDonough said.The company expects to produce between 9,100 and 9,300 units in the second quarter and hand over between 13,000 and 13,300 vehicles to customers in the April-June period.
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