Written by Cláudio Afonso | LinkedIn | X
Rivian on Tuesday reported second-quarter revenue of $1.16 billion that beat Wall Street expectations of $1.14 billion and reiterated its production forecast of 57,000 units this year.
“The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles,” CEO RJ Scaringe said in a statement.
The founder highlighted the cost reduction measures on production while improving performance.
“The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group,” he stated.
Commenting on the recently announced joint venture with the German giant Volkswagen, RJ Scaringe said “are moving along very well”.
“The technical workstreams to prepare the integration of Rivian electrical architecture and software technology stack into Volkswagen Group products are moving along very well, and we expect to close the joint venture in the fourth quarter of this year. The output from our joint venture will see Rivian’s technology in vehicles all around the world, helping to create more consumer choice and speed up the transition away from fossil fuels,” RJ Scaringe added.
In March, the company announced that the smaller, cheaper model R2 will be produced at its existing Illinois factory to speed up deliveries in the first half of 2026 instead of the plant in Georgia.
Earlier this week, Rivian has begun deploying its latest over-the-air (OTA) software update, version 2024.27, for the second-generation R1 models (R1S and R1T).
The update brings access to new apps such as Apple Music and Audible, a 60-Day Trial of Connect+ and several enhancements.
Last week, Rivian CEO RJ Scaringe revealed that the company will no longer use Mobileye’s tech in the Gen-2 vehicles.
In an interview with “The InEVitable” podcast, Scaringe emphasized the limitations of Mobileye’s system for Rivian’s long-term goals in autonomy.
Written by Cláudio Afonso | LinkedIn | X
