RIVN - Rivian Cuts Costs By 35%: What's Going On With Rivian's Stock? | Benzinga
Rivian Automotive, Inc. (NASDAQ:RIVN) shares traded higher Monday following a report suggesting the company has simplified its output and cut costs.
The Details:
Rivian's CEO RJ Scaringe told Reuters the company has removed more than 100 steps from the battery-making process, 52 pieces of equipment from the body shop and over 500 parts from the design of its EVs., resulting in a 35% reduction in cost of materials.
The redesigned battery packs now come in one piece, instead of walls and floors that were built separately. Vehicles have been redesigned to reduce weight and improve efficiency, with 1.6 miles of wiring removed from each vehicle.
Tim Fallon, Rivian's vice president of manufacturing, told Reuters the cumulative effect of the redesigns have reduced vehicle ...