Welcome to our dedicated page for Rivian Automotive news (Ticker: RIVN), a resource for investors and traders seeking the latest updates and insights on Rivian Automotive stock.
Rivian Automotive, Inc. (symbol: RIVN) is at the forefront of the electric vehicle (EV) revolution, designing, developing, and manufacturing innovative electric vehicles and accessories. The company's mission is to inspire people to explore the world, whether it’s a family camping trip or a weekend getaway. Rivian is dedicated to providing the ultimate platform for life’s adventures.
The company has established three state-of-the-art development centers located in Plymouth, MI, San Jose, CA, and Irvine, CA. Complementing these development hubs is a modern, fully operational 2.6 million square foot manufacturing plant situated in Normal, IL. This extensive infrastructure supports Rivian's vision and underscores its commitment to pioneering the future of mobility.
Rivian's flagship offerings in the consumer market include the R1 platform, which features the first generation of consumer vehicles: the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport utility vehicle (SUV). Both models are designed to meet the needs of adventurous consumers seeking reliable and eco-friendly transportation solutions.
The company boasts a diverse and passionate team with backgrounds in various industries including automotive, technology, industrial equipment, consumer electronics, and aerospace. This eclectic mix of expertise fuels Rivian's innovative spirit and drive to turn ambitious ideas into reality.
Rivian is also actively expanding its workforce, seeking curious and determined individuals who share a passion for creating the world of tomorrow. The company's culture emphasizes collaboration, creativity, and a relentless pursuit of excellence.
For investors and stakeholders, Rivian represents a bold venture into the future of transportation, backed by significant achievements and ongoing projects. The company's financial health is bolstered by strategic partnerships and a clear vision for sustainable growth.
Stay tuned to the latest Rivian News to keep up with developments and updates as the company continues to shape the landscape of electric vehicles.
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.
IQHQ, a leading life science real estate development company, has announced significant progress in retail leasing at its Research and Development District (RaDD) in downtown San Diego. The company has secured premium retail leases and an event space operator, covering approximately 50% of the district's 200,000 square foot retail footprint. Key tenants include Equinox, a luxury fitness club, Rivian, an electric vehicle manufacturer, Javier's, an upscale Mexican restaurant, and The Shade Store, a custom window treatment company.
Additionally, IQHQ has partnered with the San Diego Padres' special events team to manage Eve, RaDD's event venue. The district aims to create a vibrant, community-oriented space with a mix of top-tier regional and national brands, alongside 19 public art installations and engaging outdoor areas. This development underscores IQHQ's commitment to benefiting both the life science industry and the broader San Diego community.
Rivian Automotive (NASDAQ: RIVN) has announced its participation in Morgan Stanley's 12th Annual Laguna Conference. The event will feature a fireside chat with Rivian founder and CEO RJ Scaringe on Wednesday, September 11, 2024, at 10:30 AM PT. This presents an opportunity for investors and industry analysts to gain insights into Rivian's strategies and outlook.
A live webcast of the fireside chat will be available for those unable to attend in person. This move by Rivian demonstrates the company's commitment to transparency and engagement with the investment community. For further information, interested parties can contact Rivian's investor relations team at ir@rivian.com or reach out to Harry Porter in the media relations department at media@rivian.com.
Rivian Automotive (NASDAQ: RIVN) has announced its participation in the 2024 Goldman Sachs Communacopia + Technology Conference. The event will feature a fireside chat with Rivian's CFO, Claire McDonough, scheduled for Monday, September 9th, 2024, at 8:50 AM PT.
Interested parties can access a live webcast of the discussion through a provided link. This participation highlights Rivian's engagement with investors and industry professionals, potentially offering insights into the company's financial strategies and market position. For further information, Rivian has provided contact details for both investor relations and media inquiries.
Rivian Automotive (NASDAQ: RIVN) released its Q2 2024 financial results, reaffirming full-year guidance. The company produced 9,612 vehicles and delivered 13,790. Rivian announced a $5 billion joint venture with Volkswagen Group to develop electrical architecture and software technology. Q2 revenues reached $1,158 million, with a net loss of $1,457 million. The company introduced second-generation R1 vehicles with significant upgrades and new in-house motor configurations. Rivian ended the quarter with $7,867 million in cash, cash equivalents, and short-term investments. The partnership with Volkswagen is expected to accelerate software development and reduce costs per vehicle through increased scale and innovation.
Rivian Automotive (NASDAQ: RIVN) announced its Q2 2024 production and delivery figures. The company produced 9,612 vehicles and delivered 13,790 vehicles, aligning with expectations. Rivian reaffirmed its annual production guidance of 57,000 vehicles for 2024. The company will release its Q2 2024 financial results on August 6th after market close, followed by a 5:00 p.m. ET webcast to discuss performance and outlook. The webcast will be available on Rivian's investor relations website with a replay accessible for four weeks.
Rivian and Volkswagen Group announced plans for a joint venture to develop next-generation software-defined vehicle (SDV) technology. Volkswagen will initially invest $1 billion in Rivian, with up to $4 billion in additional investment planned, totaling $5 billion. The JV aims to leverage Rivian's existing electrical architecture to create a cutting-edge SDV platform for both companies' future electric vehicles. The partnership is expected to lower costs per vehicle, accelerate global innovation, and enhance both companies' product offerings. Completion of the JV is anticipated by Q4 2024, pending regulatory approvals.
The collaboration will allow Volkswagen to utilize Rivian's technology in the short term, and both companies aim to launch vehicles with the new SDV technology in the latter half of the decade. The JV is also expected to secure substantial capital for Rivian's growth. Financial advisors for the deal include Lazard and BDT & MSD Partners.
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