Rivian Announces 2024 Q2 Financial Report with Mixed Results
TapTechNews August 7th news, Rivian has announced its latest 2024 second-quarter financial report. The data shows that the company produced a total of 9,612 vehicles and delivered 13,790 vehicles in the second quarter, with a slight increase compared to the first quarter, and the production is expected to increase in the second half of the year.
In June this year, Rivian and the Volkswagen Group announced that they will form a joint venture with each holding a 50% stake. As part of the deal, the Volkswagen Group has invested 1 billion US dollars in Rivian and plans to invest an additional 40 billion US dollars, with an expected total transaction size of 50 billion US dollars (TapTechNews note: currently about 35.771 billion Chinese yuan).
Rivian second-quarter financial data:
The total revenue is 11.58 billion US dollars (currently about 8.285 billion Chinese yuan), of which the credit sales revenue is 17 million US dollars (currently about 122 million Chinese yuan).
The adjusted gross profit is -4.51 billion US dollars, while it was -4.12 billion US dollars in the same period last year (currently about 2.948 billion Chinese yuan).
The capital expenditure is 2.83 billion US dollars (currently about 2.025 billion Chinese yuan), while it was 2.55 billion US dollars in the same period last year.
The operating expense is 9.24 billion US dollars (currently about 6.611 billion Chinese yuan), while it was 8.73 billion US dollars in the same period last year.
The net loss is 14.57 billion US dollars (currently about 10.424 billion Chinese yuan), which is basically the same as the 14.8 billion US dollars loss in the first quarter, and it was 11.95 billion US dollars in the same period last year (currently about 8.549 billion Chinese yuan), with a year-on-year increase of 21.92%.
The adjusted EBITDA (non-GAAP) is 8.60 billion US dollars, while it was 8.61 billion US dollars in the same period last year.
As of the second quarter of 2024, Rivian's cash, cash equivalents, and short-term investments are 78.67 billion US dollars (currently about 56.283 billion Chinese yuan).
