Rivian Plant Retooling Paves the Way to Profitability by the End of 2024

Rivian announced the first quarter financial results, painting a rosier picture despite posting a $1.45 billion net loss in the quarter. The Normal, Illinois, factory retooling and new part designs and optimizations will allow the company to improve R1 costs by up to 50%. This makes Rivian confident it could become profitable by the year's end. Rivian is the EV startup that lost the most money in its six-year existence, exceeding $20... (continue reading...)