Rivian Automotive, an American electric vehicle manufacturer, reported a net loss of $1.457 billion for the three months ended June 30, 2024, widening from a net loss of $1.195 billion in the same period the previous year. The company's net loss per share also increased from $1.27 to $1.46. Despite the increased losses, Rivian's revenues rose by 3% year-on-year to $1.158 billion for the quarter, driven by a 9% increase in vehicle deliveries. Over six months, revenues jumped 33% to $2.362 billion, with delivery volumes up by 33%. However, cost of revenues outpaced sales, leading to a gross profit loss that grew from $412 million to $451 million for the quarter and from $947 million to $978 million for the six-month period. Rivian's operating expenses also increased, with research and...Show More

Rivian Automotive, an American electric vehicle manufacturer, reported a net loss of $1.457 billion for the three months ended June 30, 2024, widening from a net loss of $1.195 billion in the same period the previous year. The company's net loss per share also increased from $1.27 to $1.46. Despite the increased losses, Rivian's revenues rose by 3% year-on-year to $1.158 billion for the quarter, driven by a 9% increase in vehicle deliveries. Over six months, revenues jumped 33% to $2.362 billion, with delivery volumes up by 33%. However, cost of revenues outpaced sales, leading to a gross profit loss that grew from $412 million to $451 million for the quarter and from $947 million to $978 million for the six-month period. Rivian's operating expenses also increased, with research and development costs slightly down but selling, general, and administrative expenses up by 19% over six months. The company highlighted its production of 23,592 vehicles and delivery of 27,378 vehicles during the first half of 2024. Rivian's business development included the launch of the R1 platform with the R1T pickup truck and R1S SUV, and the Rivian Commercial Van platform developed with Amazon, which ordered 100,000 electric delivery vans. The company also unveiled a new midsize platform, the MSP, which underpins the R2 and R3 product lines, with production expected to start in 2026. Rivian's future plans involve scaling production and delivery operations, launching a pre-owned vehicle program, and expanding its service network. The company also aims to open its Rivian Adventure Network to non-Rivian EVs and expects to offer new services like Connect+ and Rivian Autonomy Platform+. Rivian's liquidity position includes $5.763 billion in cash and cash equivalents and $2.104 billion in short-term investments as of June 30, 2024.