Electric-vehicle maker Rivian, based in Normal, Illinois, is implementing significant cost-cutting measures in a bid to achieve its first profit. The company has streamlined its manufacturing process by removing over 100 steps from the battery-making process, 52 pieces of equipment from the body shop, and over 500 parts from the design of its flagship SUVs and pickups. These efforts have resulted in a 35% reduction in the cost of materials for its vans, with similar savings expected for other product lines. CEO RJ Scaringe highlighted these changes as part of Rivian's strategy to simplify output and enhance efficiency. The company aims to see the impact of these measures in Q2, with its stock symbol being $RIVN.
The result of Rivian retooling its manufacturing process is a 35% reduction in cost of materials for vans and savings of "similar magnitude" for its other lines, CEO RJ Scaringe told Reuters. https://t.co/eEZ9SnJZGk
Electric-vehicle maker Rivian simplifies output, cuts costs, aiming for first profit https://t.co/i518bd9yos https://t.co/RVX8ZVsUmc
Rivian (RIVN) drastically cuts costs as push for first profit ramps up: What to expect in Q2 https://t.co/Ll7p6coffd by @EVPeteJohnson
NORMAL, Illinois, June 24 (Reuters) - Electric-vehicle maker Rivian's drive to cut costs and turn its first profit has removed over 100 steps from the battery-making process, 52 pieces of equipment from the body shop and over 500 parts from the design of its flagship SUVs and…
⚡️ Electric-vehicle maker Rivian's drive to cut costs and turn its first profit has removed over 100 steps from the battery-making process and over 500 parts from its flagship SUVs and pickups. @EriccoxTV looks into how it aims to turn a profit $RIVN https://t.co/1QctyuzYv6 https://t.co/eJ2KEHdzAQ
🔵 ELECTRIC-VEHICLE MAKER RIVIAN SIMPLIFIES OUTPUT, CUTS COSTS, AIMING FOR FIRST PROFIT Electric-vehicle maker Rivian's drive to cut costs and turn its first profit has removed over 100 steps from the battery-making process, 52 pieces of equipment from the body shop and over… https://t.co/w4hPm1CxQJ