Rivian's Q1 Deliveries Flat, Prepares for Plant Shutdown

Rivian's Q1 EV deliveries remained flat compared to Q4, beating Wall Street's expectations and confirming full-year production guidance, despite a slight decrease in deliveries. The company plans to shut down its manufacturing plant in Normal, IL to introduce new technology and cut costs, aiming to address its significant per-vehicle losses. Rivian also announced a 10% reduction in its salaried workforce and revealed plans to delay construction at its Georgia facility to focus on launching production in Normal. The company's stock is down over 3% in pre-market trading, trading just ahead of its all-time lows, and will release its first quarter financial results on May 7th, 2024.