Rivian reports Q2 2024 earnings following $5B Volkswagen investment

Rivian has reported its second-quarter earnings this week, following the corporate just lately getting its first fee as a part of a $5 billion funding from Volkswagen.

On Tuesday, Rivian held its Q2 2024 earnings name as shared on its Investor Relations page. The corporate’s second-quarter monetary outcomes included a complete income of $1.16 billion, an adjusted damaging gross revenue of -$451 million, working bills of $924 million, and a internet lack of $1.46 billion.

Rivian additionally reported ending the second quarter with $5.76 billion in money, together with the preliminary $1 billion convertible notice from Volkswagen, together with an earnings per share of damaging $1.13.

Rivian is progressing toward profitability, says CEO

“The second quarter has been a defining one for Rivian,” stated CEO RJ Scaringe. “Now we have demonstrated robust execution in the course of the quarter with the plant retooling improve and launch of second era R1 autos. The adjustments we made to the R1 platform have allowed us to cut back materials and manufacturing prices, whereas concurrently enhancing efficiency and capabilities. As a testomony to our industry-leading expertise stack, we additionally just lately introduced our proposed JV with Volkswagen Group.”

Final month, Rivian reported that it had delivered 13,790 vehicles in Q2, producing 9,612 models at its manufacturing unit in Regular, Illinois. Rivian also reported Q1 net losses of $1.45 billion, and a complete income of roughly $1.2 billion.

Per these numbers, Rivian misplaced roughly $32,705 for every EV it bought, a slight enchancment from the roughly $38,784 misplaced per EV bought in Q1, and $43,372 in Q2.

The remaining $4 billion of Volkswagen’s funding will probably be topic to completion of sure agreements and achievements, in addition to the receipt of sure regulatory approvals. The businesses have additionally introduced a three way partnership, with the businesses set to associate on expertise and an EV platform.

Rivian also launched its updated R1 lineup in Q2, that includes an anticipated 20 % materials price discount from the first-generation lineup.

You possibly can view Rivian’s Q2 2024 letter to shareholders here, or try the corporate’s webcast by creating an account here.

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Rivian studies Q2 2024 earnings following $5B Volkswagen funding








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