Welcome to Rivian’s Q2 2024 quarterly update megapost where I’ll share updates from today’s webcast call about how Rivian did in its second quarter of 2024. Below are a few helpful resources, links to the webcast, and information we know.
Q2 Earnings Results
Date: August 6, 2024
Time: 2 pm PT
- Rivian Investor Relations
- Production & Delivery
- Listen to the webcast
- Press Release
- Shareholder Letter
- 10-Q (coming soon)
Related RivianTrackr articles:
- Rivian Q2 Results: 9,612 Produced and 13,790 Delivered
- Rivian Pre-Announces Q2 Deliveries, Exceeds Expectations
- Rivian Factory Shutdown Q2 2024
Q2 2024 Webcast Summary:
- $5 bil joint venture announced with VW Group
- 41% improvement in cash used in operating activities
- 20% expected material cost reduction from Gen 1 to Gen 2
- Over 800 million packages delivered via EDVs
- 9,612 vehicles produced
- 13,790 vehicles delivered
- Production was impacted by the plant shutdown in April
- Gen 2 R1 eliminated 65 parts and reduced nearly 1,500 joints
- The new Quad-Motor costs 32% less to manufacture
- Rivian remains confident in Q4 gross profit
- Tri and Quad-Motor variants will offer an automatic rear disconnect to ensure AWS is always available but also help maximize range
- 267,000 visitors visited Rivian Spaces in Q2 2024
- Over 24,000 demo drives
- Reaffirming 57,000 units produced in 2024
- Rivian confirms Tri-Motor Gen 2 R1 will begin delivery at the end of Q3.
- Q3 deliveries will be less than Q2 numbers
- Claire reiterated that VW’s investment provides Rivian a path to operating profitability
- Rivian Commercial Van pilot is still in progress but no new details to share
- Q3 will see cost improvements start to show up
- RJ suggests that the new Quad-Motor variant will be more expensive than the outgoing Gen 1
- Rivian plant will be down for a month in second-half of 2025 for R2 line
- Rivian and VW are already in the works on integrating Rivian technology into future VW vehicles