Rivian has revealed plans to cut material costs by 45% as it prepares to roll out its Gen 2 platform in 2026, aiming for greater profitability by 2027.
Despite initial explosive growth at its IPO, Rivian's stock has dramatically declined, currently trading down 86.60% from its peak of $180, highlighting challenges in production and market conditions.
The company unexpectedly revised its 2024 production target downward by up to 10,000 vehicles, now forecasting production between 47,000 and 49,000 due to ongoing parts shortages.
With the COVID-induced investment frenzy fading, Rivian’s stock fell sharply, indicating the volatility in the EV market and the impact of global supply chain issues on production capabilities.
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