Rivian reports Q2 2024 earnings following $5B Volkswagen investment

Rivian has reported its second-quarter earnings this week, following the company recently getting its first payment as part of a $5 billion investment from Volkswagen.

On Tuesday, Rivian held its Q2 2024 earnings call as shared on its Investor Relations page. The company’s second-quarter financial results included a total revenue of $1.16 billion, an adjusted negative gross profit of -$451 million, operating expenses of $924 million, and a net loss of $1.46 billion.

Rivian also reported ending the second quarter with $5.76 billion in cash, including the initial $1 billion convertible note from Volkswagen, along with an earnings per share of negative $1.13.

Rivian is progressing toward profitability, says CEO

“The second quarter has been a defining one for Rivian,” said CEO RJ Scaringe. “We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles. The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group.”

Last month, Rivian reported that it had delivered 13,790 vehicles in Q2, producing 9,612 units at its factory in Normal, Illinois. Rivian also reported Q1 net losses of $1.45 billion, and a total revenue of roughly $1.2 billion.

Per these numbers, Rivian lost roughly $32,705 for each EV it sold, a slight improvement from the roughly $38,784 lost per EV sold in Q1, and $43,372 in Q2.

The remaining $4 billion of Volkswagen’s investment will be subject to completion of certain agreements and achievements, as well as the receipt of certain regulatory approvals. The companies have also announced a joint venture, with the companies set to partner on technology and an EV platform.

Rivian also launched its updated R1 lineup in Q2, featuring an expected 20 percent material cost reduction from the first-generation lineup.

You can view Rivian’s Q2 2024 letter to shareholders here, or check out the company’s webcast by creating an account here.

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