Reported 2 months ago
Rivian announced its Q2 results, revealing slightly lower revenue than expected, but maintaining its outlook for a 'modest gross profit' by year's end. The company confirmed a projected adjusted EBITDA loss of $2.7 billion for 2024, highlighting advancements in its R1 vehicle platform aimed at reducing costs. Despite a dip in vehicle production and deliveries during the quarter due to factory upgrades, Rivian's cash position improved significantly, bolstered by a joint venture with Volkswagen, enhancing investor confidence as it prepares for future vehicle releases.
Source: YAHOO