Business
Rivian Releases Second Quarter 2024 Financial Results
Company reaffirms all aspects of guidance for the year Announced technology joint venture with Volkswagen Group with a total deal size of up to $5 billion
About this update from Rivian Automotive, Inc.
[{"type":"text","content":"\n\nCompany reaffirms all aspects of guidance for the year\n\n\n\n\nAnnounced technology joint venture with Volkswagen Group with a total deal size of up to $5 billion\n\n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nRivian Automotive, Inc. (NASDAQ: RIVN) today announced its second quarter 2024 financial results, reaffirming all aspects of guidance for the year. During the second quarter, the company made significant progress driving greater cost efficiency, improving its products, further strengthening its balance sheet, validating the differentiated nature of its technology stack, and establishing new business opportunities. Execution during the quarter was strong with the completion of the retooling upgrade at the company’s plant in Normal, IL. As previously reported, the company produced 9,612 vehicles and delivered 13,790.\n\n\nIn June, Rivian and Volkswagen Group announced their intention to form an equally controlled and owned joint venture (JV) to create next-generation electrical architecture and best-in-class software technology. The partnership is anticipated to accelerate the development of software for Rivian and Volkswagen Group. It is planned to allow both companies to combine their complementary strengths and lower cost per vehicle by increasing scale and speeding up innovation globally. Rivian’s proven in-market zonal hardware design and integrated technology platform will serve as the foundation for future software development in the JV that will be applied to both companies’ electric vehicles. As part of the deal, Volkswagen Group has invested an initial $1 billion in Rivian, with $4 billion in planned additional investment, for a total expected deal size of $5 billion.\n\n\nRJ Scaringe, Rivian Founder and CEO said:\n\n\n“The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles. The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group. The technical workstreams to prepare the integration of Rivian electrical architecture and software technology stack into Volkswagen...