"Elon Musk Urges Rivian to Slash Costs and Embrace Factory Living for Survival Against Tesla"

Elon Musk warns that Tesla rival Rivian needs to drastically cut costs and have its executive team live in the factory to survive, as the company faces challenges including a disappointing quarter, workforce cuts, and a 26% drop in shares. Rivian CEO RJ Scaringe cites high interest rates and EV sales slowdown as key challenges, while the company plans to unveil a midsize SUV, the R2, in 2026 to compete with Tesla's Model Y. Musk emphasizes the difficulty of achieving volume production with positive cash flow, as Rivian currently accounts for 4.2% of EV sales compared to Tesla's 55.1%.