'Electric-Vehicle Maker Rivian Simplifies Output, Cuts Costs, Aiming For First Profit' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
Rivian is implementing significant cost-cutting measures and manufacturing efficiencies to achieve its first profit. The company has reduced material costs by 35% for its vans and expects similar savings for its R1 SUVs and pickups. These changes are aimed at calming investor concerns and improving financial stability.
June 24, 2024 | 5:29 pm
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Rivian is cutting costs and simplifying production processes to achieve its first profit. The company has reduced material costs by 35% for its vans and expects similar savings for its R1 SUVs and pickups. These measures are aimed at improving financial stability and calming investor concerns.
Rivian's cost-cutting measures and improved manufacturing efficiencies are likely to positively impact its stock price in the short term. The significant reduction in material costs and streamlined production processes are expected to improve financial stability and profitability, which should calm investor concerns.
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