Rivian Automotive, Inc. / De - RIVN STOCK NEWS

Rivian (NASDAQ: RIVN) has validated the Autel IA900 system for ADAS Camera/Sensor Calibration and Aiming on its vehicles. The approval allows the system to be used across Rivian's global network of Certified Collision Centers and Calibration Centers.

The IA900 system, introduced in 2022, is the industry's first all-in-one 4-wheel alignment and ADAS calibration unit. It features six high-resolution positioning cameras that enable quick frame and target-to-vehicle setup in about one minute, compared to traditional 45-minute mechanical setups. The system was approved after testing on Rivian R1T, R1S, RCV, and EDV models.

The approval extends to all IA900 Calibration System Packages, including IA900WAT, IA900LDWT, and IA900AST, with accompanying Rivian target packages. Rivian vehicles employ advanced driver safety systems and have consistently received the IIHS's highest safety ratings.

Rivian Automotive (NASDAQ: RIVN) has announced the opening of sales for its Rivian Commercial Van to fleets of all sizes in the US market. The vehicle, which serves as the platform for Amazon's electric delivery van (EDV), features advanced safety systems including automatic emergency braking and 360-degree visibility.

The van is available in two models: the 500 and 700, offering payloads up to 2,663 lbs and a Gross Vehicle Weight Rating up to 9,500 lbs. Rivian's proprietary software manages key functions from vehicle access to charging and acceleration, designed to optimize fleet operations and reduce ownership costs.

Amazon currently operates over 20,000 units in its fleet, having delivered more than a billion packages with these vehicles in 2024. Following successful trials with larger fleets, Rivian is now expanding availability to accommodate orders ranging from single units to thousands of vehicles.

Rivian (RIVN) has finalized a loan agreement with the U.S. Department of Energy's Loan Programs Office for up to $6.6 billion, including $6 billion in principal and $600 million in capitalized interest. The funds will support the construction of Rivian's next manufacturing facility in Stanton Springs North, Georgia.

The facility will create 7,500 new manufacturing jobs and accelerate the production of Rivian's new R2 SUV and R3 crossover models. Construction is scheduled to begin in 2026, with customer vehicle production expected in 2028. The loan will be distributed in two phases: up to $3.4 billion for phase one and up to $2.6 billion for phase two.

Located less than an hour from Atlanta, the state-of-the-art facility will employ modern construction techniques and advanced environmental management while preserving natural spaces. Rivian has already begun hiring in the region for construction and management positions.

Rivian Automotive (NASDAQ: RIVN) has announced its Q4 and full-year 2024 production and delivery figures. In Q4, the company produced 12,727 vehicles at its Normal, Illinois facility and delivered 14,183 vehicles. For the full year 2024, Rivian achieved production of 49,476 vehicles and delivered 51,579 vehicles, meeting its annual guidance range of 47,000-49,000 for production and 50,500-52,000 for deliveries.

The company reported that a previously identified shared component shortage affecting R1 and RCV platforms has been resolved and is no longer constraining production. Rivian will release its Q4 2024 financial results on February 20th after market close, followed by an audio webcast at 5:00 p.m. ET to discuss performance and business outlook.

Rivian Automotive (NASDAQ: RIVN) has received a conditional commitment from the U.S. Department of Energy for a loan of up to $6.6 billion through the Advanced Technology Vehicle Manufacturing Program. The loan would support the construction of Rivian's new facility in Georgia, aimed at producing the company's midsize R2 SUV and R3/R3X crossover vehicles. The facility is planned for 400,000 units of annual production capacity across two phases, with Phase 1 starting production in 2028. The project is expected to create 7,500 operations jobs through 2030 and 2,000 construction jobs. The loan remains subject to technical, legal, environmental, and financial conditions.

Rivian and Volkswagen Group have announced a joint venture worth up to $5.8 billion to develop next-generation electrical architecture and software technology for electric vehicles. The venture, named 'Rivian and VW Group Technology, ', will be co-led by Wassym Bensaid and Carsten Helbing, with teams initially based in Palo Alto.

The collaboration aims to support Rivian's R2 launch in early 2026 and Volkswagen's first models by 2027. Volkswagen's initial investment includes a $1 billion convertible note and $1.3 billion for IP licenses and 50% equity stake, with up to $3.5 billion additional investment tied to future milestones.

Rivian Automotive (NASDAQ: RIVN) has announced its participation in Baird's Global Industrial Conference. The company's Chief Financial Officer, Claire McDonough, will join a fireside chat session scheduled for Wednesday, November 13, 2024, at 7:55 a.m. CT. Interested parties can access a live webcast of the event through the provided link.

Rivian Automotive (NASDAQ: RIVN) announced its Q3 2024 financial results. The company produced 13,157 vehicles and delivered 10,018. Revenue was $874 million, driven by vehicle deliveries and regulatory credit sales. Gross profit was negative at $(392) million, improving from $(477) million YoY. Net loss for the quarter was $(1,100) million, down from $(1,367) million last year. Operating expenses decreased to $777 million from $963 million YoY. Adjusted EBITDA was $(757) million, improving from $(902) million YoY. Rivian ended Q3 with $6,739 million in cash and equivalents. The company reaffirmed its 2024 delivery outlook of 50,500 to 52,000 vehicles but revised its production guidance to 47,000-49,000 vehicles due to component shortages. Rivian announced a strategic supply agreement with LG Energy Solution for R2 battery cells and launched the R1 Tri-Motor configuration. They are on track for positive gross profit in Q4 2024.

Rivian Automotive (NASDAQ: RIVN) has released its Q3 2024 production and delivery figures, along with an updated 2024 annual production outlook. The company produced 13,157 vehicles and delivered 10,018 vehicles in Q3. However, Rivian is facing a production disruption due to a shortage of a shared component on the R1 and RCV platforms, which began in Q3 and has intensified recently.

As a result, Rivian has revised its annual production guidance to between 47,000 and 49,000 vehicles. The company is reaffirming its annual delivery outlook of low single-digit growth compared to 2023, expecting deliveries in the range of 50,500 to 52,000 vehicles. Rivian will release its Q3 2024 financial results on November 7, 2024, after market close, followed by an audio webcast at 5:00 p.m. ET to discuss performance and business outlook.