Rivian Q2 revenue $1.16B, net loss $1.46B; announces $5B VW JV, reaffirms FY guidance

Rivian Automotive, Inc. / DE

2024-Q2 EPS reported -$2.93 revenue$2,362,000,000

Revenue $1,158M; gross profit -$451M; net loss $1,457M ($1.46 EPS loss).
Delivered 13,790 vehicles; produced 9,612 after plant retooling completion.
Volkswagen Group JV up to $5B; initial $1B convertible note received; close expected Q4 2024.
Reaffirmed all aspects of FY2024 guidance, including cost and volume targets.
Ended Q2 with $7.87B cash; total liquidity $9.18B including revolver capacity.

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