Rivian CEO RJ Scaringe announced plans to reduce material costs for electric SUVs and pickups by 20% by 2024 through factory upgrades and vehicle redesign. Despite a slight stock dip following the announcement, Rivian's partnership with Volkswagen, including a $5 billion investment, signals confidence in the company's future. The cost-saving measures aim to support the production of more affordable R2 and R3 crossovers, with material costs for R2 vehicles expected to be 45% lower compared to the flagship R1. The company's recent plant overhaul in Illinois eliminated over 500 parts from vehicles, driving down costs without compromising quality. Rivian aims to achieve profitability by the end of the year, with long-term financial targets including gross profit margin of 25% and high-teen adjusted core profit margin. Plans for production and delivery remain on track, demonstrating Rivian's strong position in the competitive EV market.