Rivian Reports Higher Losses but Eyes Profitability with Volkswagen Partnership

The electric vehicle maker's Q2 results show significant financial challenges, but strategic moves aim to turn the tide.

Rivian posted a net loss of $1.46 billion for Q2 2024, up from $1.2 billion the previous year.
Revenue reached $1.158 billion, primarily from delivering 13,790 vehicles.
A $5 billion joint venture with Volkswagen aims to develop next-generation EV technology and improve profitability.
Rivian reaffirmed its full-year guidance, expecting to produce 57,000 vehicles and achieve a modest gross profit by Q4.
Despite financial setbacks, Rivian holds $7.867 billion in cash and investments, bolstered by Volkswagen's initial $1 billion investment.