Rivian's 2024 Updates Deliveries, Production, Goals and Partnership

TapTechNews June 27 news, Rivian pre-announced the vehicle delivery data for the second quarter of 2024 at the 2024 Investor Day event. Rivian said the company would be able to deliver 13,000 to 13,300 vehicles this quarter, which is higher than analysts' expectations.

In terms of production data, Rivian predicted a production of 9,100 to 9,300 vehicles this quarter, slightly lower than expected.

The Wall Street veteran GaryBlack pointed out that the outside world originally expected Rivian's delivery in the second quarter of 2024 to be 10,200 vehicles and produce 10,300 vehicles.

Rivian also reiterated its goal of producing 57,000 vehicles throughout the year 2024, which is undoubtedly a huge challenge for this carmaker.

Rivian expects to achieve a positive gross profit margin in the fourth quarter of 2024. In the long run, Rivian also hopes to achieve a GAAP gross margin of approximately 25%, an adjusted EBITDA margin in the teens to twenties range, and a free cash flow margin of approximately 10%.

Yesterday, the German auto giant Volkswagen Group also announced plans to invest 5 billion US dollars (TapTechNews note: currently about 36.355 billion yuan) in Rivian Automotive and the two sides will jointly establish a joint venture.

Volkswagen said in a statement that it will immediately invest 1 billion US dollars (currently about 7.271 billion yuan) in Rivian and will add another 40 billion US dollars (currently about 29.084 billion yuan) in the future. The new joint venture will be 'equally controlled and owned' by both sides and will be committed to developing the next generation of pure electric vehicles and automotive software.