Rivian Q2 2024 Quarterly Update Megapost

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