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Rivian investor day focuses on cost reductions, efficiencies and next-generation EVs

A Thursday investor event for Rivian Automotive that focused on cost-cutting efforts, efficiency gains and in-house technologies and software wasn't enough to build on the company's significant share growth this week.

Shares of the all-electric vehicle startup fell by about 2% to 6% for much of the event, eating into some of its 23% gain in shares the day before on news of an up to $5 billion investment by Volkswagen Group. Rivian's stock closed Thursday down 1.8% to $14.47 per share, off by roughly 39% year to date amid investor concerns regarding cash burn and a slowdown in EV sales.

Rivian on Thursday reconfirmed its 2024 guidance that included production of 57,000 vehicles and a path to positive gross profit during the fourth quarter, including regulatory credits. It also outlined longer-term growths, such as plans to achieve positive adjusted earnings before interest, taxes, depreciation and amortization in 2027.

"Everything that you're hearing from us, around our product, around how we're running the business, around how we're driving toward profitability, my hope is that you're seeing really an extreme sense of urgency," Rivian CEO RJ Scaringe said during the event. "We're very, very fast driving towards the improvements necessary to get to positive free cash flow and, before that, positive margins this year."

Rivian also outlined long-term financial targets of a roughly 25% gross margin, 10% free cash flow and adjusted profit margin in the "high teens." The company did not release a time frame for these targets.

Scaringe spent much of his time during the roughly four-hour presentation discussing efficiencies in products and manufacturing, which he said are expected to lead to 20% material cost reductions in its