Business
Rivian Releases First Quarter 2025 Financial Results
$206 million of positive gross profit in the first quarter of 2025 Unlocked an expected $1 billion investment from Volkswagen Group Significant progress made
About this update from Rivian Automotive, Inc.
[{"type":"text","content":"\n\n$206 million of positive gross profit in the first quarter of 2025\n\n\n\nUnlocked an expected $1 billion investment from Volkswagen Group\n\n\n\nSignificant progress made on R2 development and factory expansion\n\n\n\nCompleted over 36,000 demo drives during the first quarter of 2025 - the highest number of drives in a quarter to date\n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nRivian Automotive, Inc. (NASDAQ: RIVN) today announced its first-quarter 2025 financial results. Rivian achieved a gross profit of $206 million, its second consecutive quarter of gross profit. Hitting this milestone has unlocked an expected $1 billion investment from Volkswagen Group as part of its investment in Rivian following the formation of their joint venture - Rivian and VW Group Technology, LLC. The investment is expected to be funded on June 30, 2025.*\n\nAs previously announced, in the first quarter Rivian produced 14,611 vehicles at its manufacturing facility in Normal, Illinois and delivered 8,640 vehicles. These figures were in line with management’s guidance.\n\nRJ Scaringe, Rivian Founder and CEO, said:\n\n“This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million. We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track.\"\n\nRivian has continued to make good progress on the development of R2. The company has begun design validation builds on its prototype line using majority production tooling. The 1.1 million sq. ft. manufacturing expansion in Normal, Illinois is progressing rapidly and on schedule. R2 production remains on track for the first half of 2026.\n\nWhile Rivian has 100 percent U.S. vehicle manufacturing and a majority of its bill of materials (excluding cells) coming from the U.S. or USMCA-qualified, Rivian is not immune to the impacts of the global trade and economic environment. The company’s guidance represents management's current view on evolving trade regulation, policies, tariffs and the overall impact these items may have on consumer sentiment and demand. As a result of these impacts, Rivian has revised its delivery outlook to 40,000 to 46,000 vehicles. Due to its strong first quarter results, Rivian is maintaining its outlook range for adj. EBITDA of a $(1,7...