On August 6, 2024, Rivian Automotive, Inc. reported its financial results for the second quarter of 2024, which ended on June 30, 2024. The company reaffirmed its guidance for the year and announced a significant joint venture with Volkswagen Group, potentially worth up to $5 billion. Rivian produced 9,612 vehicles and delivered 13,790 during the quarter. The partnership with Volkswagen is expected to accelerate software development for both companies and combine their strengths to lower costs and speed up innovation. Rivian's technology will be integrated into Volkswagen Group products, with Volkswagen initially investing $1 billion and planning an additional $4 billion investment. The joint venture is expected to close in the fourth quarter of the year. Rivian also launched its second generation R1 vehicles, which include design and performance upgrades...Show More

On August 6, 2024, Rivian Automotive, Inc. reported its financial results for the second quarter of 2024, which ended on June 30, 2024. The company reaffirmed its guidance for the year and announced a significant joint venture with Volkswagen Group, potentially worth up to $5 billion. Rivian produced 9,612 vehicles and delivered 13,790 during the quarter. The partnership with Volkswagen is expected to accelerate software development for both companies and combine their strengths to lower costs and speed up innovation. Rivian's technology will be integrated into Volkswagen Group products, with Volkswagen initially investing $1 billion and planning an additional $4 billion investment. The joint venture is expected to close in the fourth quarter of the year. Rivian also launched its second generation R1 vehicles, which include design and performance upgrades, and introduced new in-house motor configurations. Financially, Rivian reported revenues of $1,158 million, primarily from vehicle deliveries, and a net loss of $(1,457) million, slightly higher than the previous year's second quarter. The company ended the quarter with $7,867 million in cash and equivalents, including $1 billion from the convertible note issued to Volkswagen. An audio webcast to discuss these results was scheduled for the same day.