June 27 (Reuters) - Rivian shareholders will

seek details on the company's upcoming models and progress in

cutting costs at an investor day event on Thursday, two days

after the US electric vehicle maker announced a $5 billion

investment from Volkswagen.

The JV, which will give VW access to Rivian's electrical

architecture and software, is a "vote of confidence" in the

American automaker's prospects as it looks to produce and sell

less expensive R2 and R3 crossovers to compete with Tesla's

bestselling Model Y SUV.

Amazon.com ( AMZN )-backed Rivian still lost about $39,000

per vehicle sold in the first quarter, but analysts expect the

company to post its first quarterly gross profit in the fourth

quarter.

Rivian halted production for three weeks in April to

implement cost-saving measures. Reuters reported last week the

company has retooled its manufacturing process, resulting in a

35% reduction in the cost of materials for vans and savings of

"similar magnitude" for its other lines.

"Rivian will be sharing more about the R2 and R3 models, as

well as details on the deal with Volkswagen," said Michael

Shlisky, analyst at D.A. Davidson. "I am sure financial details

will be discussed, but they may wait until next week to share Q2

sales figures and guidance updates."

Demand for electric vehicles has faltered amid high

borrowing costs, and as buyers turn to cheaper gasoline-electric

hybrid vehicles.

Wall Street expects Rivian to post second-quarter deliveries

of 10,282 units and production of 9,369 vehicles, when it

reports quarterly figures next week, according to analysts

polled by Visible Alpha.

Even Tesla is struggling and is expected to report its first

drop in annual sales this year. It has slashed prices and is

offering incentives to sell more vehicles.

Among EV startups, Rivian is best placed to survive weak

demand, thanks to the investment from VW. Some of its peers such

as Fisker have filed for bankruptcy.

Rivian had nearly $6 billion of cash and cash equivalents at

the end of the March quarter.

To save cash, Rivian plans to make the new models at its

existing Illinois facility and paused investments in a

previously announced plant in Georgia.

Rivian's stock has lost more than a third of its value this

year, even after its best-ever one-day gain of 23% on Wednesday,

partly due to the company sticking to its production forecast of

57,000 for the year - roughly the same as 2023.