Summary by Moomoo AI
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
