At Extreme Investor Network, we strive to bring you the latest and most insightful business news to help you make informed investment decisions. Today, we are excited to share with you the recent performance of electric vehicle maker Rivian Automotive.
Rivian Automotive beat Wall Street’s expectations for the second quarter, showcasing its commitment to taking costs out of its business. The company reported earnings per share of a loss of $1.13 adjusted, compared to the expected loss of $1.21, and automotive revenue of $1.16 billion, exceeding the $1.14 billion expected by analysts.
Despite widening adjusted net losses to $1.46 billion, Rivian remains focused on its 2024 guidance, including 57,000 total units of production, a loss of $2.7 billion in adjusted EBITDA, and $1.2 billion in capital expenditures. The company produced about 23,600 vehicles in the first half of the year, with 9,162 produced in the second quarter after downtime to retool and reduce costs.
Rivian’s recent investor day highlighted its efforts towards cost-cutting, efficiency gains, and in-house technologies and software. The company also secured an investment from Volkswagen, further solidifying its position in the EV market.
Despite challenges such as slower-than-expected demand for EVs and significant cash burn, Rivian is focused on reducing costs. CEO RJ Scaringe announced plans for 20% material cost reductions in current vehicles and 45% targeted reductions in upcoming “R2” vehicles set to begin production in early 2026.
As of the end of the second quarter, Rivian had $9.18 billion in total liquidity, including $7.87 billion in cash, cash equivalents, and short-term investments.
Stay tuned to Extreme Investor Network for more insightful business news and updates to help you navigate the world of investments with confidence. Make sure to bookmark our site for exclusive content and expert analysis on the latest trends in the business world.