Reported 2 months ago
Rivian's stock has dropped following the announcement of a $1.4 billion net loss for the second quarter, despite higher vehicle sales. The company, which is collaborating with Volkswagen to enhance its vehicle technology, is aiming for cost-cutting strategies and anticipates positive gross profits in the fourth quarter. Rivian CEO RJ Scaringe mentioned that the partnership could also lead to better pricing with suppliers.
Source: YAHOO