2024-06-04 14:19:52 ET
Summary
- Rivian has unveiled its next-gen vehicles, R2, R3, and R3X, with competitive pricing to break into the mass market.
- The company also cited $2.25 billion in savings from its decision to keep R2 production in Illinois, with tax incentives from the state.
- The company still grew revenue and vehicle deliveries in Q1, in contrast to Tesla's high single digit revenue decline in the same quarter.
- The company's ~$8 billion of cash is a sufficient war chest that tides Rivian over until its mass market vehicles come on the market in mid-2026.
Even the most casual of investors will know that 2024 has been an "annus horribilis" for EV companies. Price competition has begun in earnest, especially as makers like Tesla ( TSLA ) slash prices in China to compete with cheaper local variants....
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Rivian's Equivalent Of A Model 3 Moment Is Around The Corner