12:52 PM EDT, 06/25/2024 (MT Newswires) -- (Updates to add the latest stock move in the headline and the last paragraph.)

Rivian Automotive ( RIVN ) expects to cut material costs for vans by 35% and achieve savings of "similar magnitude" for its other lines by streamlining its manufacturing process, Reuters reported late Monday, citing Chief Executive RJ Scaringe.

The company removed over 100 steps from the battery-making process, 52 pieces of equipment from the body shop, and over 500 parts from the design of its flagship SUVs and pickups as part of its drive to turn a profit, according to the report.

The company's overall cost of manufacturing electric vehicles has "improved dramatically," Reuters said, citing Scaringe during a factory tour.

Rivian did not immediately respond to MT Newswires' request for comment.

Shares of the electric vehicle maker were up 6.5% in recent Tuesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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