Summary by Moomoo AI
Rivian Automotive, an American electric vehicle (EV) manufacturer, reported a net loss of $1.1 billion for the third quarter of 2024, an improvement from the $1.367 billion net loss in the same period of 2023. The company's net loss per share decreased to $1.08 from $1.44 year-over-year. Despite the narrower loss, revenues fell 35% to $874 million in Q3 2024 from $1.337 billion in Q3 2023, attributed to a decrease in vehicle deliveries. Rivian produced 36,749 vehicles and delivered 37,396 vehicles during the nine months ended September 30, 2024. The company's financial performance reflects the challenges of scaling production and managing costs in a competitive EV market. Rivian's business development includes the launch of the R1 platform with the R1T pickup truck and R1S SUV, and the Rivian Commercial Van (RCV) platform developed in collaboration...Show More
