On May 7, 2024, Rivian Automotive, Inc. released its financial results for the first quarter of 2024, which ended on March 31, 2024. The company announced that it had exceeded its production and delivery outlook, with a 49 percent and 71 percent increase over the previous year, respectively. Rivian produced 13,980 vehicles and delivered 13,588 during the quarter. The company also unveiled a new midsize platform and announced plans to begin production of the R2 model in Normal, Illinois, in the first half of 2026, which is expected to save over $2.25 billion compared to initial forecasts. An incentive package from the State of Illinois worth up to $827 million was secured to expand the Normal plant. Rivian's financial highlights included a gross profit per vehicle of $(38,784), impacted by supplier and other...Show More

On May 7, 2024, Rivian Automotive, Inc. released its financial results for the first quarter of 2024, which ended on March 31, 2024. The company announced that it had exceeded its production and delivery outlook, with a 49 percent and 71 percent increase over the previous year, respectively. Rivian produced 13,980 vehicles and delivered 13,588 during the quarter. The company also unveiled a new midsize platform and announced plans to begin production of the R2 model in Normal, Illinois, in the first half of 2026, which is expected to save over $2.25 billion compared to initial forecasts. An incentive package from the State of Illinois worth up to $827 million was secured to expand the Normal plant. Rivian's financial highlights included a gross profit per vehicle of $(38,784), impacted by supplier and other costs. Despite this, Rivian remains confident in achieving a modest gross profit by Q4 2024. Total revenues for Q1 2024 were $1,204 million, driven by vehicle deliveries. The company reported a net loss of $(1,446) million for the quarter, an improvement over the previous year's $(1,349) million. Adjusted EBITDA for Q1 2024 was $(798) million, also an improvement from $(1,020) million in Q1 2023. Rivian concluded the quarter with $7,858 million in cash and equivalents, and a total liquidity of $9,053 million. The company held an audio webcast on May 7, 2024, to discuss these results.