Financial Data and Key Metrics Changes - In Q3 2024, Rivian produced 13,157 vehicles and delivered 10,018 vehicles, generating $874 million in revenue [16] - Total gross profit was negative $392 million, with a gross loss per vehicle delivered of approximately $39,100 [18] - GAAP operating expenses were $777 million, the lowest level in three years, reflecting cost-saving initiatives [19] Business Line Data and Key Metrics Changes - Demand for R1 vehicles was negatively impacted by production disruptions and a challenging consumer backdrop [17] - The introduction of the second generation R1 platform is expected to enable a 20% material cost reduction by Q4 2024 compared to Q1 2024 [19] - Rivian reaffirmed its annual production guidance of 47,000 to 49,000 vehicles and delivery outlook of 50,500 to 52,000 vehicles for 2024 [20] Market Data and Key Metrics Changes - The R1S is the most popular SUV over $70,000 in California, indicating strong market demand [14] - Rivian anticipates approximately $300 million in regulatory credit sales for 2024, which will contribute to revenue growth [20] Company Strategy and Development Direction - Rivian is focused on ramping up the Gen 2 platform and addressing supply chain challenges as a short-term issue [8][9] - The R2 program is on track for a 2026 launch, with a target price starting at $45,000, aiming to capture market share similar to R1 [10][24] - The joint venture with Volkswagen is progressing well, with expectations for significant capital support for Rivian's growth [13][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, emphasizing the importance of creating compelling products to drive electrification [14] - The company is addressing component shortages impacting production and expects to recover capacity in the coming weeks [51] - Rivian aims for a positive gross profit in 2025, although not every quarter is expected to be profitable [56] Other Important Information - Rivian's cash, cash equivalents, and short-term investments total $6.7 billion, which will support its capital roadmap for growth [24] - The company is implementing lean manufacturing principles to improve operational efficiency [43][46] Q&A Session Summary Question: What is the improvement in gross profit and implications for unit economics on R1? - Management noted that revenue per unit growth, driven by regulatory credit sales and improved average selling prices, will enhance gross profit [27] Question: What percentage of volume is pre-ordered versus sold out of dealer inventory? - Lease penetration was 42%, and most customers benefiting from the $7,500 tax credit are in the leasing segment [34] Question: Can you decompose the third quarter COGS per unit? - Management indicated that Q3 was challenging due to supplier issues, but Q4 material costs are projected to be 20% lower than Q1 [39] Question: What is the status of the Volkswagen joint venture? - The joint venture is expected to close before year-end, with defined milestones for financing [80] Question: What are the expectations for regulatory credits in 2024? - Management expects to achieve $300 million in regulatory credit sales due to increased underlying value and sales opportunities [53]

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]

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 ...

Rivian Automotive, Inc. (NASDAQ:RIVN) Q2 2024 Earnings Call Transcript August 6, 2024 5:00 PM ET Company Participants Tim Bei - VP, IR RJ Scaringe - Founder and CEO Claire McDonough - CFO Wassym Bensaid - Chief Software Officer Conference Call Participants George Gianarikas - Canaccord Genuity Mark Delaney - Goldman Sachs Philippe Houchois - Jefferies Dan Levy - Barclays Joseph Spak - UBS Alex Potter - Piper Sandler Ben Kallo - Baird Shreyas Patil - Wolfe Research Ron Jewsikow - Guggenheim Securities Stephe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, $0.001 par value per share RIVN The Nasdaq Stock Market For the transition period from _ ...

Q2 2024 Shareholder Letter © 2024 Rivian. All rights reserved. 2 During the second quarter of 2024, we made significant progress driving greater cost efficiency, enhancing our products, further strengthening our balance sheet, validating the differentiated nature of our technology stack, and establishing new business opportunities. We believe the introduction of the second generation R1 and expected partnership with Volkswagen Group will fundamentally improve Rivian's long-term profit trajectory and growth ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

Rivian Automotive, Inc. (NASDAQ:RIVN) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Tim Bei - Vice President of Investor Relations RJ Scaringe - Chief Executive Officer Claire McDonough - Chief Financial Officer Conference Call Participants Mark Delaney - Goldman Sachs Adam Jonas - Morgan Stanley John Murphy - Bank of America Securities Dan Levy - Barclays George Gianarikas - Canaccord Genuity Alexander Potter - Piper Sandler Emmanuel Rosner - Deutsche Bank Shreyas Patil - Wol ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the quarterly period ended March 31, 2024 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-41042 Rivian Automotive, Inc. (Exact name of registrant as specified in its charter) | Delaware | 14600 Myford ...

Q1 2024 Shareholder Letter © 2024 Rivian. All rights reserved. 2 During the first quarter of 2024, we unveiled our new midsize platform ("MSP") with R2, R3, and R3X and we're pleased with the reaction they received. Distinctly Rivian in terms of performance, capability, and usability, R2, R3, and R3X address the largest consumer segment of midsize SUV and crossover vehicles. We also announced that we will start R2 production in Normal which we expect to drive greater capital efficiency with over $2.25 billi ...