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

Rivian Automotive (NASDAQ: RIVN) released its Q2 2024 financial results, reaffirming full-year guidance. The company produced 9,612 vehicles and delivered 13,790. Rivian announced a $5 billion joint venture with Volkswagen Group to develop electrical architecture and software technology. Q2 revenues reached $1,158 million, with a net loss of $1,457 million. The company introduced second-generation R1 vehicles with significant upgrades and new in-house motor configurations. Rivian ended the quarter with $7,867 million in cash, cash equivalents, and short-term investments. The partnership with Volkswagen is expected to accelerate software development and reduce costs per vehicle through increased scale and innovation.

Rivian Automotive (NASDAQ: RIVN) announced its Q2 2024 production and delivery figures. The company produced 9,612 vehicles and delivered 13,790 vehicles, aligning with expectations. Rivian reaffirmed its annual production guidance of 57,000 vehicles for 2024. The company will release its Q2 2024 financial results on August 6th after market close, followed by a 5:00 p.m. ET webcast to discuss performance and outlook. The webcast will be available on Rivian's investor relations website with a replay accessible for four weeks.

Rivian and Volkswagen Group announced plans for a joint venture to develop next-generation software-defined vehicle (SDV) technology. Volkswagen will initially invest $1 billion in Rivian, with up to $4 billion in additional investment planned, totaling $5 billion. The JV aims to leverage Rivian's existing electrical architecture to create a cutting-edge SDV platform for both companies' future electric vehicles. The partnership is expected to lower costs per vehicle, accelerate global innovation, and enhance both companies' product offerings. Completion of the JV is anticipated by Q4 2024, pending regulatory approvals.

The collaboration will allow Volkswagen to utilize Rivian's technology in the short term, and both companies aim to launch vehicles with the new SDV technology in the latter half of the decade. The JV is also expected to secure substantial capital for Rivian's growth. Financial advisors for the deal include Lazard and BDT & MSD Partners.

Rivian Automotive (NASDAQ: RIVN) has announced that it will hold an Investor Day on Thursday, June 27, 2024, starting at 8am CT. During the event, Rivian’s leadership will provide investors with updates on the company’s progress and outline key priorities for the future. A live webcast of the event will be available, and a recording will remain accessible for one year post-event.

Rivian has unveiled its second-generation R1S SUV and R1T pickup, featuring overhauled hardware, performance enhancements, and a new software experience. The new models start at $69,900 and include Rivian-designed Quad Motor delivering 1,025 horsepower and 0-60 mph in under 2.5 seconds. The vehicles offer different motor configurations, advanced thermal systems, and new battery packs providing up to 420 miles of range. Updated technology includes a redesigned electrical architecture and an advanced autonomy system with enhanced safety features. These updates improve efficiency, reduce manufacturing costs, and lower the carbon footprint by 15% compared to the previous generation. Pricing starts at $75,900 for R1S and $69,900 for R1T, with immediate deliveries.

Rivian (NASDAQ: RIVN) announced that its CFO, Claire McDonough, will participate in a fireside chat at the Deutsche Bank Global Auto Industry Conference on June 11, 2024, at 3:25 p.m. EDT.

The event will be live-streamed, and a recording will be available post-event.

Rivian (NASDAQ: RIVN) announced that its Founder and CEO, RJ Scaringe, will participate in a fireside chat at Bernstein’s 40th Annual Strategic Decisions Conference on May 30, 2024, at 8.00am EDT. The event will be available via live webcast. Investors and media can contact Rivian for more information.

Rivian, the American electric vehicle (EV) manufacturer, has partnered with Pivot Energy to develop 60 Megawatts (MWdc) of solar energy, including a community solar subscription for its Illinois manufacturing facility. Rivian will purchase Renewable Energy Certificates (RECs) generated from 50 MWdc of solar and subscribe to 10 MWdc of community solar. This initiative aims to reduce emissions in a region where the electric grid is 67% dirtier than the U.S. average. The projects will generate around 79,000 megawatt-hours (MWh) of clean electricity annually, enough to power 10,892 households. Additionally, both companies will invest in local community organizations, focusing on energy reduction for low-income families and workforce development in the solar industry. Rivian aims for its Illinois facility to run on 100% renewable energy by 2030.

Galehead Development has entered into an agreement with Rivian Automotive to develop renewable energy projects tailored to Rivian’s locational and environmental priorities. The collaboration will leverage Galehead's proprietary LandCommand® technology to convert Rivian's 3C Framework into actionable developments. This Framework, launched in 2023 with The Nature Conservancy, commits Rivian to sourcing renewable energy that positively impacts climate, conservation, and communities. Galehead will manage and fund these projects until they mature for off-take agreements. The partnership aims to maximize renewable energy value and simplify the path to agreements, with hopes for broader adoption in the industry.