Business
Rivian Releases First Quarter 2024 Financial Results
Significant steps being taken to drive greater capital efficiency Company reiterates path to Q4 2024 modest gross profit During Q1 2024 R1S was best-selling
About this update from Rivian Automotive, Inc.
[{"type":"text","content":"\n\nSignificant steps being taken to drive greater capital efficiency\n\n\n\nCompany reiterates path to Q4 2024 modest gross profit\n\n\n\nDuring Q1 2024 R1S was best-selling EV in the US above $70,000\n\n\n\n \n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nRivian Automotive, Inc. (NASDAQ: RIVN) today announced its first quarter 2024 financial results. As previously announced, the company produced 13,980 vehicles and delivered 13,588, exceeding its outlook with a respective 49 percent and 71 percent increase over the same period last year.\n\n\nDuring the first quarter of 2024, Rivian unveiled its new midsize platform which underpins R2, R3, and R3X. Rivian also had announced its intention to begin R2 production at its facility in Normal, Illinois. This is expected to enable start of production for R2 in the first half of 2026 and save over $2.25 billion, as compared to the original forecast of launching R2 production at Rivian’s Georgia site.\n\n\nLast week, the company announced an incentive package of up to $827 million from the State of Illinois to expand the plant, improve public infrastructure, and to create training programs for Rivian’s workforce.\n\n\nRJ Scaringe, Rivian Founder and CEO said:\n\n\n“First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability. We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X. It is great to see the incredible support for our brand and upcoming products.”\n\n\nThe recently completed plant retooling upgrade in Normal, Illinois introduced new technologies and cost-focused material changes into the R1 vehicle platform. It also provides the opportunity to improve manufacturing processes that enable the R1 line to run at an approximately 30 percent higher line rate. Furthermore, Rivian also recently transitioned to a new zonal network architecture reducing the number of electronic control units in its vehicle by approximately 60 percent, taking substantial costs out of its vehicles.\n\n\nFinancial Highlights:\n\n\nThe first quarter of 2024 gross...