Rivian Automotive gains after reporting that it delivered 13,790 vehicles in Q2
Rivian Automotive (NASDAQ:RIVN) announced that it produced 9,612 vehicles at its manufacturing facility in Normal, Illinois during Q2 and delivered 13,790 vehicles during the period.
The electric vehicle maker noted that production and delivery results for the quarter of 2024 were in line with its expectations.
Notably, Rivian (RIVN) management reaffirmed full-year guidance for annual production of 57,000 total vehicles.
Looking ahead, Rivian (RIVN) will report Q2 earnings on August 6. At an investor event last week, Rivian Automotive (RIVN) said the Gen 2 model introduction, combined with commercial cost downs and commodity tailwinds, is expected to reduce material cost by ~20%. Rivian (RIVN) also said it is on a path to positive gross profit in Q4 and positive adjusted EBITDA in 2027. A long-term financial target is for ~25% GAAP gross margin and a ~10% free cash flow margin. In terms of the Volkswagen (OTCPK:VLKAF) financial commitment, the company expects to see a $1.0 billion payment at the inception of the joint venture this year and $1.0 billion from a convertible note. Equity investments of $1.0 billion are expected in both 2025 and 2026, as well as a $1.0 billion debit contribution in 2026.
Shares of Rivian (RIVN) moved up 2.65% in premarket trading.