Posted 4/1/2024, 12:00:00 AM
Rivian Forges Ahead with EV Plans as Apple Exits Market
- Rivian moving ahead with new models while competitors like Apple exit the EV market, leaving more room for Rivian's growth
- Apple officially terminating its secret "Project Titan" to develop an electric vehicle after years of work and billions spent
- Rivian accelerating launch of cheaper R2 model starting at $45K to 2026 while delaying the need for a new manufacturing plant
- Rivian rapidly cutting losses on vehicles, targeting positive gross margins in 2023 as production ramps up and costs fall
- Rivian stock trading at big discount to peers despite industry pullback, presenting opportunity for investors as growth continues
