THE Rivian announced its financial results for the second quarter of the year, where it lost $1.46 billion. Rivian reported a net loss of $32,705 on each car it sold in the second quarter of the year, versus $38,784 in the first quarter of 2024$43,000 in Q4 2023, $32,595 in Q2 2023, and $67,000 in Q1 2023. However, the company expects to report profitability by the fourth quarter of the year.
The company reports that it has $5.8 billion in cash compared to the $7.9 billion it had at the end of 2023. Its revenue reached $1.16 billion.
The company expects to build 57,000 cars this year, while in the first quarter of the year it delivered 13,790 R1T and R1S. It also estimates that for the full year it will post losses of $2.7 billion and capital expenditures of $1.2 billion.