Rivian (RIVN) drastically cuts costs as push for first profit ramps up [Video]

Rivian (RIVN) is learning from its past as it looks to turn its first profit. The cost of building its vehicles has “improved dramatically” as Rivian slashes costs on its path to profitability.

After establishing itself as a true luxury EV brand, Rivian is looking to control costs as it moves toward the next chapter.

Rivian delivered over 50,000 vehicles last year, more than doubling from 2022. The R1S was the fourth best-selling EV in the US through Q1 2024, behind only Tesla’s Model Y, Model 3, and the Ford Mustang Mach-E.

Meanwhile, Rivian delivered 13,588 vehicles in the first quarter, a slight decrease from the 13,972 handed over in Q4 2023.

Rivian expected deliveries to slall after announcing plans to shut down production at its Normal, IL plant last year. Rivians CEO and founder RJ Scaringe said during a recent fireside chat that the planned shutdown in April “introduced a dramatic cost reduction in material costs.”

Scaringe warned, “From an …