Key Takeaways from Rivian’s Q3 2024 Earnings
What we’re showing
This graphic highlights key takeaways from Rivian’s most recent Q3 2024 earnings report.
Uphill battle
Rivian has famously struggled with ramping up its production and reaching profitability.
In Oct. 2023, for example, it was revealed that the company was losing $32,500 per vehicle. Based on these Q3 2024 earnings, loss per car has now reached $39,130 per vehicle.
Losses are shrinking
While Rivian once again saw losses, its negative gross profit of $392M in Q3 2024 is smaller than the $477M it lost in Q3 2023.
The company also reconfirmed it’s expecting a positive gross profit in Q4 2024, which gave the stock a small boost.
“Our core focus is on driving toward profitability. Looking at Q4, we continue to guide towards gross margin.”
RJ Scaringe, CEO
Joint venture with Volkswagen Group
Several days after Q3 earnings, Rivian’s partnership with VW Group has been finalized, and it includes a massive $5.8 billion investment from VW.
In exchange, VW Group brands will have access to Rivian software and architecture. This includes Volkswagen, Audi, and the forthcoming Scout brand (which will produce electric SUVs similar to Rivian).
Rivian shares surged over 17% the day after the announcement, but are still down 41% YTD as of Nov. 13, 2024.