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Sep 30, 2024
Rivian Q3 2024 Earnings Report
Rivian's Q3 2024 financial results were released, highlighting progress in production and cost management.
Key Takeaways
Rivian reported Q3 2024 revenues of $874 million, driven by 10,018 vehicle deliveries. The company produced 13,157 vehicles. Rivian reaffirmed its 2024 delivery outlook of 50,500 to 52,000 vehicles and is on track for positive gross profit in Q4 2024.
Reaffirmed 2024 delivery outlook of 50,500 to 52,000 vehicles.
Secured R2 battery cell supply with multi-year LG Energy Solution contract.
Company on track for positive gross profit for fourth quarter 2024.
Launched R1 Tri-Motor configuration.
Revenue by Segment
Forward Guidance
Rivian revised its latest full year 2024 production guidance to between 47,000 to 49,000 vehicles, and is also revising its annual adjusted EBITDA guidance to between a $(2.825) billion loss to a $(2.875) billion loss. Rivian is reaffirming its delivery outlook of between 50,500 to 52,000 vehicles and $1,200 million in capital expenditures.
Positive Outlook
- Reaffirmed 2024 delivery outlook of 50,500 to 52,000 vehicles.
- Secured R2 battery cell supply with multi-year LG Energy Solution contract.
- Company on track for positive gross profit for fourth quarter 2024.
- Launched R1 Tri-Motor configuration.
- Joint venture with Volkswagen Group expected to close in the fourth quarter.
Challenges Ahead
- Revised full year 2024 production guidance to between 47,000 to 49,000 vehicles due to component shortage.
- Revised annual adjusted EBITDA guidance to between a $(2.825) billion loss to a $(2.875) billion loss.
- Production disruption due to a shortage of a shared component within its Enduro motor system.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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