- Rivian shareholders will seek details on the company's upcoming models and progress in cutting costs at an investor day event on Thursday, two days after the US electric vehicle maker announced a $5 billion investment from Volkswagen.
Amazon.com-backed Rivian still lost about $39,000 per vehicle sold in the first quarter, but analysts expect the company to post its first quarterly gross profit in the fourth quarter.Rivian halted production for three weeks in April to implement cost-saving measures. Reuters reported last week the company has retooled its manufacturing process, resulting in a 35% reduction in the cost of materials for vans and savings of "similar magnitude" for its other lines.
Demand for electric vehicles has faltered amid high borrowing costs, and as buyers turn to cheaper gasoline-electric hybrid vehicles. Even Tesla is struggling and is expected to report its first drop in annual sales this year. It has slashed prices and is offering incentives to sell more vehicles.
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