Rivian Automotive, Inc. / De Stock Price, News & Analysis

Rivian (RIVN) has finalized a loan agreement with the U.S. Department of Energy's Loan Programs Office for up to $6.6 billion, including $6 billion in principal and $600 million in capitalized interest. The funds will support the construction of Rivian's next manufacturing facility in Stanton Springs North, Georgia.

The facility will create 7,500 new manufacturing jobs and accelerate the production of Rivian's new R2 SUV and R3 crossover models. Construction is scheduled to begin in 2026, with customer vehicle production expected in 2028. The loan will be distributed in two phases: up to $3.4 billion for phase one and up to $2.6 billion for phase two.

Located less than an hour from Atlanta, the state-of-the-art facility will employ modern construction techniques and advanced environmental management while preserving natural spaces. Rivian has already begun hiring in the region for construction and management positions.

Rivian Automotive (NASDAQ: RIVN) has announced its Q4 and full-year 2024 production and delivery figures. In Q4, the company produced 12,727 vehicles at its Normal, Illinois facility and delivered 14,183 vehicles. For the full year 2024, Rivian achieved production of 49,476 vehicles and delivered 51,579 vehicles, meeting its annual guidance range of 47,000-49,000 for production and 50,500-52,000 for deliveries.

The company reported that a previously identified shared component shortage affecting R1 and RCV platforms has been resolved and is no longer constraining production. Rivian will release its Q4 2024 financial results on February 20th after market close, followed by an audio webcast at 5:00 p.m. ET to discuss performance and business outlook.

Rivian Automotive (NASDAQ: RIVN) has received a conditional commitment from the U.S. Department of Energy for a loan of up to $6.6 billion through the Advanced Technology Vehicle Manufacturing Program. The loan would support the construction of Rivian's new facility in Georgia, aimed at producing the company's midsize R2 SUV and R3/R3X crossover vehicles. The facility is planned for 400,000 units of annual production capacity across two phases, with Phase 1 starting production in 2028. The project is expected to create 7,500 operations jobs through 2030 and 2,000 construction jobs. The loan remains subject to technical, legal, environmental, and financial conditions.

Rivian and Volkswagen Group have announced a joint venture worth up to $5.8 billion to develop next-generation electrical architecture and software technology for electric vehicles. The venture, named 'Rivian and VW Group Technology, ', will be co-led by Wassym Bensaid and Carsten Helbing, with teams initially based in Palo Alto.

The collaboration aims to support Rivian's R2 launch in early 2026 and Volkswagen's first models by 2027. Volkswagen's initial investment includes a $1 billion convertible note and $1.3 billion for IP licenses and 50% equity stake, with up to $3.5 billion additional investment tied to future milestones.

Rivian Automotive (NASDAQ: RIVN) has announced its participation in Baird's Global Industrial Conference. The company's Chief Financial Officer, Claire McDonough, will join a fireside chat session scheduled for Wednesday, November 13, 2024, at 7:55 a.m. CT. Interested parties can access a live webcast of the event through the provided link.

Rivian Automotive (NASDAQ: RIVN) announced its Q3 2024 financial results. The company produced 13,157 vehicles and delivered 10,018. Revenue was $874 million, driven by vehicle deliveries and regulatory credit sales. Gross profit was negative at $(392) million, improving from $(477) million YoY. Net loss for the quarter was $(1,100) million, down from $(1,367) million last year. Operating expenses decreased to $777 million from $963 million YoY. Adjusted EBITDA was $(757) million, improving from $(902) million YoY. Rivian ended Q3 with $6,739 million in cash and equivalents. The company reaffirmed its 2024 delivery outlook of 50,500 to 52,000 vehicles but revised its production guidance to 47,000-49,000 vehicles due to component shortages. Rivian announced a strategic supply agreement with LG Energy Solution for R2 battery cells and launched the R1 Tri-Motor configuration. They are on track for positive gross profit in Q4 2024.

Rivian Automotive (NASDAQ: RIVN) has released its Q3 2024 production and delivery figures, along with an updated 2024 annual production outlook. The company produced 13,157 vehicles and delivered 10,018 vehicles in Q3. However, Rivian is facing a production disruption due to a shortage of a shared component on the R1 and RCV platforms, which began in Q3 and has intensified recently.

As a result, Rivian has revised its annual production guidance to between 47,000 and 49,000 vehicles. The company is reaffirming its annual delivery outlook of low single-digit growth compared to 2023, expecting deliveries in the range of 50,500 to 52,000 vehicles. Rivian will release its Q3 2024 financial results on November 7, 2024, after market close, followed by an audio webcast at 5:00 p.m. ET to discuss performance and business outlook.

IQHQ, a leading life science real estate development company, has announced significant progress in retail leasing at its Research and Development District (RaDD) in downtown San Diego. The company has secured premium retail leases and an event space operator, covering approximately 50% of the district's 200,000 square foot retail footprint. Key tenants include Equinox, a luxury fitness club, Rivian, an electric vehicle manufacturer, Javier's, an upscale Mexican restaurant, and The Shade Store, a custom window treatment company.

Additionally, IQHQ has partnered with the San Diego Padres' special events team to manage Eve, RaDD's event venue. The district aims to create a vibrant, community-oriented space with a mix of top-tier regional and national brands, alongside 19 public art installations and engaging outdoor areas. This development underscores IQHQ's commitment to benefiting both the life science industry and the broader San Diego community.

Rivian Automotive (NASDAQ: RIVN) has announced its participation in Morgan Stanley's 12th Annual Laguna Conference. The event will feature a fireside chat with Rivian founder and CEO RJ Scaringe on Wednesday, September 11, 2024, at 10:30 AM PT. This presents an opportunity for investors and industry analysts to gain insights into Rivian's strategies and outlook.

A live webcast of the fireside chat will be available for those unable to attend in person. This move by Rivian demonstrates the company's commitment to transparency and engagement with the investment community. For further information, interested parties can contact Rivian's investor relations team at ir@rivian.com or reach out to Harry Porter in the media relations department at media@rivian.com.