3 Things Going for Rivian Right Now
At a time when a couple of start-up electric vehicle (EV) makers are in bankruptcy restructurings, others such as Fisker are nearing a similar fate, high interest rates are hindering consumers, and the high-end EV market is saturated; there's plenty of bad news for investors to digest. With that said, let's dig into a few things Rivian (NASDAQ: RIVN) has going for it.
Investors should have been watching the company's plant retooling closely, because if it had hit a snag for any reason it would put its already disappointing full-year production guidance in jeopardy. The good news is that the company has already successfully completed a several-week shutdown to retool the plant, which added nearly 600 new or modified robots to enable a more efficient production line.
Rivian is expected to improve production efficiency by 30%, which will be key to the company becoming gross-profit positive by the end of this year -- the first step toward profitability. Management noted that based on early indications there is significant progress on R1 vehicle material cost optimization.
Source Fool.com
