Supply agreement will last over five years and total 67GWh. 4695 cells, offering a long range and high safety, will be produced in the U.S. Batteries will power Rivian's R2 model for the North American market.SEOUL, South Korea, Nov. 7, 2024 /PRNewswire/ -- LG Energy Solution (KRX: 373220) today announced that LG Energy Solution Arizona, a fully owned subsidiary of LG Energy Solution, has signed a supply agreement with Rivian, a U.S.-based automotive manufacturer.Under the agreement, LG Energy Solution wil ...

Rivian Automotive (RIVN) came out with a quarterly loss of $1.03 per share versus the Zacks Consensus Estimate of a loss of $0.89. This compares to loss of $1.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -15.73%. A quarter ago, it was expected that this a manufacturer of motor vehicles and passenger cars would post a loss of $1.09 per share when it actually produced a loss of $1.21, delivering a surprise of -11.01%.Over ...

Production and Delivery - Rivian produced 36,749 vehicles and delivered 37,396 vehicles in the nine months ended September 30, 2024[89] - Rivian's Normal Factory expansion aims to increase annual production capacity to 215,000 units[94] - Rivian experienced a production disruption in Q3 2024 due to a shortage of a component within its Enduro motor system[99] Partnerships and Collaborations - Amazon placed an initial order of 100,000 EDVs globally, with potential modifications[88] - Rivian announced a joint venture with Volkswagen Group in June 2024 to expand market applications for its software and electrical architecture[95] - The company expects to receive an additional $4.0 billion from Volkswagen Group, including $2.0 billion of direct equity investment and $2.0 billion related to the planned Rivian and VW JV[122] Revenue and Financial Performance - Revenues for the three months ended September 30, 2024 decreased by 35% to $874 million compared to $1,337 million in the same period in 2023, primarily due to a 36% decrease in delivery volume to 10,018 vehicles[106] - Revenues for the nine months ended September 30, 2024 increased by 4% to $3,236 million compared to $3,119 million in the same period in 2023, driven by a 3% increase in delivery volume to 37,396 vehicles[106] - Gross profit losses for the three months ended September 30, 2024 decreased by 18% to $392 million compared to $477 million in the same period in 2023, primarily due to lower delivery volume[108] - Gross profit losses for the nine months ended September 30, 2024 decreased by 4% to $1,370 million compared to $1,424 million in the same period in 2023, primarily due to reductions in materials' costs per unit[112] - The company expects to increase non-vehicle revenue, including the sale of regulatory credits, over time[107] Research and Development - R&D expenses for the three months ended September 30, 2024 decreased by 34% to $350 million compared to $529 million in the same period in 2023, primarily due to a $74 million decrease in stock-based compensation expense[112] - R&D expenses for the nine months ended September 30, 2024 decreased by 16% to $1,239 million compared to $1,469 million in the same period in 2023, primarily due to a $142 million decrease in engineering, design, and development costs[113] - The company plans to continue investing in future vehicle platforms, new in-vehicle technologies, and further vertical integration of manufacturing[114] Sales, General, and Administrative Expenses - SG&A expenses for the three months ended September 30, 2024 remained relatively flat at $427 million compared to $434 million in the same period in 2023, with a $40 million decrease in stock-based compensation expense offset by a $23 million increase in depreciation and amortization[114] - SG&A expenses for the nine months ended September 30, 2024 increased by 12% to $1,419 million compared to $1,265 million in the same period in 2023, primarily due to a $76 million increase in depreciation and amortization and a $73 million increase in payroll and related expenses[115] Interest and Cash Flow - Interest income decreased to $95 million for the three months ended September 30, 2024, compared to $126 million in the same period in 2023, a decrease of 25%[116] - Interest expense increased to $87 million for the three months ended September 30, 2024, compared to $55 million in the same period in 2023, an increase of 58%[116] - Cash and cash equivalents decreased to $5,396 million as of September 30, 2024, from $7,857 million as of December 31, 2023[121] - Total liquidity decreased to $8,105 million as of September 30, 2024, from $10,468 million as of December 31, 2023[121] - Net cash used in operating activities decreased to $2,899 million for the nine months ended September 30, 2024, compared to $3,759 million in the same period in 2023[131] - Net cash used in investing activities decreased to $594 million for the nine months ended September 30, 2024, compared to $1,908 million in the same period in 2023[131] - Net cash provided by financing activities was $1,032 million for the nine months ended September 30, 2024, primarily driven by the issuance of the 2026 Convertible Note[131] Incentives and Funding - Rivian received an incentive package valued at up to $827 million from the State of Illinois in May 2024[101] - The company received $75 million in October 2024 as part of an incentives package valued at up to $827 million from the State of Illinois[121] - The company issued a $1.0 billion principal amount of a 2026 Convertible Note in June 2024, which will automatically convert into shares of Class A common stock on December 1, 2024[122] Product Development and Launch - Rivian unveiled its midsize platform (MSP) in Q1 2024, with R2 production expected to start in 2026[91] - Rivian's Connect+ subscription-based streaming and connectivity service launched in Q4 2024[97] Charging Infrastructure - Rivian vehicles gained access to over 15,000 Tesla Superchargers in the U.S. in Q1 2024[96] - Rivian plans to open its Rivian Adventure Network to non-Rivian EVs in late 2024[96]

Rivian reported Thursday revenue of $874 million in the third quarter — more than 12% lower than analysts estimates — as the EV startup struggled to resolve a component shortage that disrupted production of its recently overhauled flagship R1S and R1T vehicles. Last month, Rivian lowered its annual production guidance to 47,000 to 49,000 vehicles due to the “acute” supply problem for a component within its Enduro motor, a single-motor-per-axle system used in Rivian R1 vehicles. The Enduro motor, which first ...

Workers assemble second-generation R1 vehicles at electric auto maker Rivian's manufacturing facility in Normal, Illinois, U.S. June 21, 2024.Rivian Automotive cut its earnings forecast for the year after missing Wall Street's third-quarter expectations, including a significant miss in revenue.Here's how the company performed in the quarter, compared with average estimates compiled by LSEG:Loss per share: 99 cents adjusted vs. a loss of 92 cents expectedRevenue: $874 million vs. $990 million expectedRivian ...

R I V I A N Q3 2024 Rivian Shareholder Letter � Key Highlights | --- | --- | |-----------------------------------------------|-------| | | | | delivery outlook of 50,500 to 52,000 vehicles | | | --- | |-------------------------------------------------------------------| | | | On track for positive gross profit for the fourth quarter of 2024 | 20% increase in demo drives compared to Q2'24 Launched R1 Tri-Motor configuration with 2.9s 0-60mph and range up to 405 miles Majority of customers subscribed to Conne ...

Electric vehicle (EV) maker Rivian Automotive Inc. (NASDAQ: RIVN) is set to release its third-quarter earnings report on November 7, marking a critical moment for the company as it grapples with substantial headwinds.Currently trading at around $9.64, Rivian’s stock has suffered a steep 55% decline year-to-date, attributed to lower-than-expected Q3 deliveries, mounting losses, and slowing demand amid intensifying competition. Rivian five-day stock price: Google FinanceThis earnings report, therefore, could ...

Investors may be wondering why Rivian shares are plunging while Tesla stock is shooting higher.It's turning out to be a busy day in the stock market after election results have rolled in. Donald Trump's reelection has stocks in some sectors soaring and others dropping. But the electric vehicle (EV) sector is looking a bit more nuanced.While EV start-up Rivian Automotive (RIVN -9.87%) shares were down about 9% in late morning trading, shares in sector-leader Tesla had spiked higher by about 13%. Today's drop ...

Here's what Rivian could say on Nov. 7 to spark a rally in the stock.Investors tracking the electric vehicle (EV) sector have had high hopes for the long-term success of Rivian Automotive (RIVN 2.92%). While no one expected it to be easy to follow a similar path blazed by Tesla, Rivian has some unique aspects that give it a reasonable chance.But its path to success has had several roadblocks that have kept it from being further along its journey to profitability. Rivian's stock has paid the price, dropping ...

Rivian Automotive (RIVN) is slated to release third-quarter 2024 results on Thursday, after market close. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a loss of 89 cents a share on revenues of $970.7 million. Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The loss per share estimate for the third quarter of 2024 has narrowed by a cent over the past 60 days. The bottom-line projection indicates a year-over-year improvement of 25.21%. The Zacks Consensus Est ...