On November 7, 2024, Rivian Automotive, Inc. released its financial results for the third quarter ended September 30, 2024. The company produced 13,157 vehicles and delivered 10,018 within the quarter. Rivian is on track to achieve a positive gross profit in Q4 2024, driven by revenue per unit increases from regulatory credits and premium variant sales, as well as cost improvements. The company has made significant progress on its second-generation R1 vehicles and is preparing for the R2 launch in the first half of 2026, with 85% of the bill of materials sourced within cost targets. A strategic supply agreement with LG Energy Solution for battery cells aligns with Rivian's U.S. manufacturing focus and IRA compliance. The company introduced a Tri-Motor R1 configuration and launched Connect+, a streaming and...Show More

On November 7, 2024, Rivian Automotive, Inc. released its financial results for the third quarter ended September 30, 2024. The company produced 13,157 vehicles and delivered 10,018 within the quarter. Rivian is on track to achieve a positive gross profit in Q4 2024, driven by revenue per unit increases from regulatory credits and premium variant sales, as well as cost improvements. The company has made significant progress on its second-generation R1 vehicles and is preparing for the R2 launch in the first half of 2026, with 85% of the bill of materials sourced within cost targets. A strategic supply agreement with LG Energy Solution for battery cells aligns with Rivian's U.S. manufacturing focus and IRA compliance. The company introduced a Tri-Motor R1 configuration and launched Connect+, a streaming and connectivity service. However, a component shortage has led to a revised full-year production guidance of 47,000 to 49,000 vehicles and an adjusted EBITDA guidance of a loss between $(2.825) billion to $(2.875) billion. Rivian reaffirmed its delivery outlook of 50,500 to 52,000 vehicles and $1,200 million in capital expenditures. The company ended the quarter with $6,739 million in cash and equivalents, and total liquidity of $8,105 million. Rivian's net loss for Q3 2024 was $(1,100) million, an improvement from $(1,367) million in Q3 2023. The company will host an audio webcast to discuss these results and provide a business update.