Rivian Q1 2024 Earning Webcast Recap

Rivian today had their investor earnings webcast to discuss Q1 2024 and I wanted to provide a quick recap of everything discussed + the Q&A segment.

Rivian produced 13,980 vehicles and delivered 13,588 from January 1 to March 31, 2024. Product and delivery results during Q1 2024 aligned with Rivian’s expectations. Rivian continues to have a guidance of 57,000 total vehicles in 2024.

RJ Scaringe confirmed that the R1 line is back up and running after the factory’s closure in Normal, IL for retooling. We can expect more details on the R1 refresh during Investor Day scheduled for June 27, 2024.

The Normal, IL factory will shut down for a few weeks in 2025 in preparation for the Rivian R2 production.

Overall the 2024 margin profile looks much better than in 2023. Rivian continues to aim for a 25% gross margin by Q4 2024.


  • Decisions made for the factory retooling should improve costs and lower materials.
  • The line rate is up by 30%
  • RJ would not comment on the Apple rumor currently making rounds. RJ reiterated that Amazon is the largest shareholder today and a strong strategic partner.
  • Regarding R1: Improve costs through the end of the year with new suppliers, new part designs, and other optimizations. A lot of new consolidated parts and areas of bodies improve costs well up to 50%.
  • Retooling leads to a derisking of R2 because we can test a lot of these changes we want to make before R2.
  • RJ does not forsee R2 launching before Q1 2026 to ensure the product is exceptional and to avoid supply issues.
  • Q4 should be gross product positive.
  • The current paint shop capacity in Normal, IL is 150,000 vehicles per year.

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