Welcome to our dedicated page for Rivian Automotive news (Ticker: $RIVN), a resource for investors and traders seeking the latest updates and insights on Rivian Automotive stock.
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Rivian Automotive, Inc. (NASDAQ: RIVN) announced its first quarter 2024 financial results, surpassing expectations with vehicle production and deliveries. The company unveiled a new midsize platform, aiming to start R2 production in Illinois in 2026. The retooling upgrade brought cost efficiencies, leading to a higher line rate. Despite negative gross profit, Rivian remains on track for modest gross profit in Q4 2024.
Rivian Automotive, Inc. (NASDAQ: RIVN) has appointed Javier Varela as its new Chief Operations Officer to focus on optimizing operational efficiencies, specifically for the production of the R2 midsize SUV. Varela, who joins Rivian from Volvo Cars, brings extensive experience in the automotive industry and will play a important role in the company's growth and profitability.
Rivian Automotive, Inc. (NASDAQ: RIVN) is set to expand its operations in Normal, IL with an $827M incentive package from the State of Illinois. The funds will be used to increase capacity at its manufacturing plant to produce the highly anticipated R2 midsize SUV. The company's investment will also focus on public infrastructure improvements, job training programs, and city improvement projects to boost the Illinois economy.