Summary by Moomoo AI
Rivian delivered 10,018 vehicles and generated $874 million in revenue during Q3 2024, with a net loss of $1.1 billion. The company reaffirmed its 2024 delivery outlook of 50,500-52,000 vehicles despite revising production guidance to 47,000-49,000 units due to a component shortage. The company remains on track for positive gross profit in Q4 2024, driven by improved revenue per unit and cost efficiencies.The company announced a strategic partnership with LG Energy Solution to supply 4695 cylindrical battery cells for its upcoming R2 midsize SUV platform. The batteries will be manufactured at LGES's Arizona plant within the first year of production, supporting Rivian's domestic manufacturing focus and IRA compliance. Additionally, Rivian launched its Tri-Motor R1 configuration, delivering 850 horsepower and 0-60 mph acceleration in 2.9 seconds.Rivian ended Q3 with $6.7 billion in cash and investments, including a $1 billion convertible note from Volkswagen. The company continues to make progress on R2 development, with 85% of bill of materials sourced within cost targets, aiming for a launch in first half of 2026. The new Connect+ streaming service has seen strong subscription rates following its trial period launch in August.
