Rivian Automotive: Initiation Of Coverage – 5 Major Factors Driving Growth!

This is our first report on automobile major, Rivian Automotive. The company has made significant progress, doubling its production and deliveries and surpassing its initial production guidance by over 7,000 vehicles. The production ramp-up and introduction of new technologies came with challenges, but the company believes that the gained experience will be helpful in executing its 2024 plan. Rivian announced plans to reduce its number of salaried employees by roughly 10% as part of the strategy to drive cost efficiency. Many in the auto industry believe that the whole automotive field will switch to electric over the long term, so Rivian is using this strategy to maximize its impact.