AUTO

Rivian Shared Details About New Vehicles in First Quarter 2024 Financial Statement

June 4, 2024

Rivian sold 71% more vehicles in the first quarter of 2024 compared to the same quarter in 2023.
The automaker also shared details about the new R2 midsize EV.
Rivian produced its 100,000th EV at its facility in Normal, Illinois.

Rivian continues to prove that drivers want capable, well-built EVs from an American automaker. In its first quarter 2024 financial results, the automaker exceeded expectations, delivering 13,588 units while also revealing the new R2, R3, and R3X.

Excitement Is Building at Rivian

The Illinois automaker announced that it produced 13,980 vehicles, delivering nearly all of them. Rivian manufactured 49% more vehicles and sold 71% more vehicles compared to the first quarter of 2023. These impressive numbers made the 2024 Rivian R1S the best-selling EV above $70,000.

Excitement about the automaker continues to build after unveiling three new models. Rivian shared that it will begin producing the midsize R2 in 2026 using its facility in Normal, Illinois. Staying in Illinois saves the automaker over $2.25 billion compared to the original plan to move production to its facility in Georgia.

Rivian Manufacturing Georgia location - site plan

Rivian also shared it received an incentive package from the State of Illinois. The $827 million package will help expand the Normal facility for R2 production. Some of the money is earmarked for workforce training programs and infrastructure improvements.

Meeting Noteworthy Milestones

Rivian also announced that it produced its 100,000th vehicle at the plant in Normal, Illinois. This is a major milestone for a start-up automaker, especially one that is dedicated to zero carbon emissions and sells its adventure EVs directly to the consumer.

RJ Scaringe, Rivian Founder and CEO said, “We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X. It is great to see the incredible support for our brand and upcoming products.”

Upgrading the Facility

Rivian continues to upgrade its facilities to improve the manufacturing process. The retooled R1 line now runs at a 30% faster rate, and the automaker developed a new zonal network architecture requiring fewer electronic controls thus reducing manufacturing costs.

Overall, Rivian claims a total revenue of $1.204 million after delivering 13,588 vehicles. The automaker’s gross profit was a loss of $527 million, which was lower than the loss of $535 million in the first quarter of 2023. Rivian’s losses were due to more production and deliveries, lower material costs, and higher selling prices.

Operating expenses were $957 million, which was higher than the $898 million in the first quarter of 2023. After all of the expenses, capital expenditures, and adjustments, Rivian has $7,858 million in cash, cash equivalents, and short-term investments. Rivian’s total liquidity in the first quarter of 2024 is $9,053 million.