Rivian has released its Q2 2024 results, and while the numbers reflect a slight increase in deliveries, they also hint at a strong end to the year.
Rivian reported delivering 13,790 vehicles in Q2 2024, a nominal increase from the 13,588 delivered in Q1 2024. Production, however, saw a dip, with 9,612 vehicles produced in Q2 compared to 13,980 in the previous quarter. This drop was expected due to a four-week shutdown of Rivian’s Normal, Illinois factory for upgrades.
With the production line upgrades, which removed a number of parts and simplified and streamlined production, Rivian is targeting its first gross profit by Q4 2024.
Despite the production slowdown, Rivian’s Q2 delivery figures represented a 9% increase from the same quarter last year.
Half way through the year, the automaker also reaffirmed its annual production guidance of 57,000 vehicles for 2024. Rivian plans to release its detailed financial results for the second quarter on August 6, 2024, followed by an investor Q&A webcast.
Rivian is preparing to launch its next-generation R2 and R3 models, which are expected to cater to a broader market with more affordable pricing. Production, which was initially planned to start at their now stalled $5 billion Atlanta factory and will instead begin in Normal, Illinois, is projected to reach 215,000 units by early 2026, with the R2 series accounting for a significant portion of this expansion.
Rivian had another significant moment in Q2, announcing a partnership with the Volkswagen Group. The German automaker has invested $1 billion in Rivian and plans to invest up to another $4 billion, contingent on the achievement of certain milestones.
