Rivian's R2 Launch and Market Value Surge: A Game-Changer in the Electric Vehicle Industry

Rivian's market value surged by over $1.7 billion after unveiling its R2 SUV and announcing cost-cutting measures, including halting plans for a $5 billion factory and introducing a smaller, cheaper R3 compact SUV. The Amazon-backed electric-vehicle maker's stock soared following the event, providing a much-needed boost after a disappointing quarter and workforce reduction. Despite positive reception for its new models, Rivian still faces challenges as it has yet to turn a profit and is losing money on each vehicle produced.