Rivian Gets Nearly $1 Billion to Help Expand Operations in Illinois [Yahoo! Finance]
Rivian Automotive, Inc. (RIVN)
Company Research
Source: Yahoo! Finance
The cost-cutting measure hoped to speed production, particularly of the company's midsize SUV, the R2, which will now be made at its existing plant in Normal, Illinois. To help make it happen, Rivian last Tuesday announced an incentive package worth $827 million from the State of Illinois Department of Commerce & Economic Opportunity. The funds will help expand operations in Normal, improve public infrastructure and boost job training programs for Rivian's workforce. All in an effort to help get R2 production up and running and get the electric SUV on the market. In a statement, Rivian Founder and CEO RJ Scaringe says he was "grateful" for the investment. The gratitude makes sense since TechCrunch this week reported that Rivian lost about $1.45 billion in the first quarter. So, the company still needs to find ways to trim costs despite the $1.2 billion it did in revenue during the same period. Still, the company is losing around $38,000 per vehicle. Most Read on IEN: How the D
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RIVN
News
- Rivian Automotive, Inc. Sued for Securities Law Violations - Investors Should Contact Levi & Korsinsky Before June 18, 2024 to Discuss Your Rights - RIVNAccesswire
- SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Investigates Claims on Behalf of Investors of Rivian AutomotiveGlobeNewswire
- Rivian Automotive, Inc.'s (NASDAQ:RIVN) recent 10% pullback adds to one-year year losses, institutional owners may take drastic measures [Yahoo! Finance]Yahoo! Finance
- Levi & Korsinsky Reminds Shareholders of a Lead Plaintiff Deadline of June 18, 2024 in Rivian Lawsuit - RIVNAccesswire
- SHAREHOLDER ACTION ALERT: The Schall Law Firm Encourages Investors in Rivian Automotive, Inc. with Losses In Excess of $250,000 to Contact the FirmAccesswire
RIVN
Earnings
- 5/7/24 - Beat
RIVN
Sec Filings
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- 5/17/24 - Form 4
- RIVN's page on the SEC website