Rivian (RIVN) hits a road bump in third-quarter earnings, but things are looking up from here
EV maker Rivian (RIVN) released its third-quarter financial earnings Thursday after the market closed. With fewer deliveries in the quarter, Rivian’s revenue missed expectations. However, the EV maker promises things are looking up from here. Here’s a breakdown of Rivian’s Q3 2024 financial earnings
Earnings preview
Yesterday, Electrek posted a preview of what to look out for in Rivian’s third-quarter earnings. One of the biggest things investors will be watching is Rivian’s top line.
After a supply shortage caused Rivian to lower its production goal for 2024, the company now expects to build between 47,000 and 49,000 vehicles this year, down from the previous 57,000 target.
With another 13,157 EVs built last quarter, Rivian’s production total reached 36,749 through September. To hit its target, Rivian will need to build another 10,251 to 12,251 vehicles in Q4.
Despite this, Rivian still expects slight delivery growth over last year, with between 50,500 and 52,000 units delivered in 2024, up from 50,122 in 2023.
According to Estimize, Rivian is expected to report a loss of $0.96 per share in Q3 2024, an improvement from the 1.19 loss per share last year. Rivian is expected to report revenue of around $1 billion, which would be a 25% drop from the $1.34 billion generated in Q3 2023.
Rivian Q3 2024 earnings breakdown
Rivian reported third-quarter revenue of $874 million, a nearly 35% drop from Q3 2023 and missing expectations.
The company said higher electric delivery van (EDV) deliveries for Amazon last year was partly the reason for the lower top-line total.
Rivian posted a gross profit loss of $392 million, down from the $477 million loss last year due to the lower delivery total. Meanwhile, operating losses also fell to $1.17 billion, down from $1.44 billion in Q3 2023.
The company lost $39,130 on every vehicle delivered in Q3 2024, which is up from $30,648 last year and $32,705 in Q2 2024.
| Q3 ’22 | Q4 ’22 | Q1 ’23 | Q2 ’23 | Q3 ’23 | Q4 ’23 | Q1 ’24 | Q2 ’24 | Q3 ’24 | |
| Rivian loss per vehicle | $139,277 | $124,162 | $67,329 | $32,594 | $30,500 | $43,372 | $38,784 | $32,705 | $39,130 |
Rivian’s net loss in the third quarter was $1.1 billion, down from $1.34 billion last year with a $1.08 loss per share.
The EV maker confirmed it’s still on track for a positive gross profit in the fourth quarter of 2024. Rivian’s CEO, RJ Scaringe, said the company is seeing “meaningful progress” on its material costs with new tech and manufacturing processes.
| Q1 2024 | Q2 2024 | Q3 2024 | 2024 YTD | 2024 guidance | |
| Deliveries | 13,588 | 13,790 | 10,018 | 37,396 | 50,500 – 52,000 |
| Production | 13,980 | 9,612 | 13,157 | 36,749 | 47,000 – 49,000 |
These improvements are meaningful steps toward its next-gen R2, which will launch in the first half of 2026.
Scaringe said Rivian believes R2 will be a “fundamental driver of Rivian’s growth.” It will start at $45,000, nearly half the cost of its current R1S and R1T models.
Once R2 production begins, Rivian expects the new EV will account for most of its output. The company plans to build 155,000 R2 models annually and about 85,000 R1S and R1Ts in Normal.
Rivian also believes its new alliance with Volkswagen will be “a landmark development for the industry.” The total deal size is up to $5 billion, which Rivian said is a “meaningful financial opportunity.”
The planned investments in addition to Rivian’s current cash and equivalents “are expected to provide the capital to fund Rivian’s operations through the ramp of R2 in Normal, as well as the midsize platform in Georgia,” the company said. This will establish a path to positive free cash flow and meaningful scale.
The company ended the quarter with $6.7 billion in cash and equivalents, including a $1 billion convertible note from Volkswagen. Rivian reaffirmed its (revised) production and delivery targets for 2024.
Due to the lower production outlook, Rivian now expects an EBITDA loss of $2.83 billion to $2.88 billion, compared to the previous guidance of a $2.7 billion loss.
Check back for more following Rivian’s earnings call with investors. We will post updates below.
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Rivian founder and CEO RJ Scaringe has posted another interesting facet into the design of the American automaker’s upcoming R2 BEVs. As you’ll see below, the Rivian R2’s body harness has been significantly reduced in size, weight, and connections to enable lower assembly costs and an overall more environmentally friendly build.
If you’re not following RJ Scaringe on social media, you’re missing out. While some CEOs shy away from social media (aside from the guy who bought Twitter to create his own toxic echo chamber), Rivian’s founder has used such platforms to share interesting company progress.
In the past month, much of Scaringe’s content has pertained to the design and development of Rivian’s upcoming R2 model, and we have been all about it. In the past two weeks, RJ has shared a peek at the company’s new Maximus drive unit and photos of the R2 validation builds on a pilot line at the automaker’s facility in Normal, Illinois.
Last week, Scaringe took to Instagram and X once again to share a better look at the inner workings of the Maximus drive unit. The unit was designed to be more compact and efficiently built to help reduce the cost-per-unit production for the Rivian R2 assembly process.
Today, RJ posted more evidence of how much more optimized components of the R2 design will be.
The body harness design of the R2 is significantly simpler
RJ posted the comparison image above to Instagram this afternoon, detailing just how much more streamlined the R2’s body harness design will be compared to the Gen 2 R1 BEVs. The Rivian CEO elaborated with the following caption:
The R2 harness improves massively over the R1 Gen 2 harness. Building on the backbone of our network architecture and zonal ECUs, we focused on ease of install in the plant and overall simplification through integrated design — less wires, less clips and far fewer splices!
Simplified indeed, this reimagined body harness cuts serious weight and connectors. The front section of the body harness, in particular, truly encapsulates just how streamlined the R2’s design components are becoming. A body harness pic may not be the most exciting news to the general public, but as a BEV enthusiast on the Rivian beat, it’s amazing to see, and we hope RJ will continue to post updates like this going forward.
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JPMorgan Chase CEO Jamie Dimon delivers a speech during the Global Markets Conference, ahead of the Choose France summit, in Paris, on May 15, 2025.
Michel Euler | Afp | Getty Images
JPMorgan Chase is finally allowing clients to buy bitcoin. But CEO Jamie Dimon is still a skeptic.
“We are going to allow you to buy it,” Dimon said at the bank’s annual investor day on Monday. “We’re not going to custody it. We’re going to put it in statements for clients.”
The decision marks a notable step for the largest U.S. bank, particularly due to Dimon’s history of criticizing the digital currency and the crypto market broadly, and is the latest sign of bitcoin’s entry into mainstream investing. Since August, Morgan Stanley has allowed its financial advisors to pitch some spot bitcoin exchange-traded funds to qualifying clients.
Dimon made it clear that his personal view of bitcoin remains unchanged, highlighting issues like money laundering and the lack of clarity surrounding ownership, along with “the sex trafficking, the terrorism.”
“I don’t think you should smoke, but I defend your right to smoke,” Dimon said. “I defend your right to buy bitcoin.”
A JPMorgan spokesperson declined to elaborate on the bank’s specific plans for bitcoin access. Until now, the company has limited its crypto exposure primarily to futures-based products, not direct ownership of bitcoin.
When crypto valuations were soaring in 2021, Dimon dismissed bitcoin as “worthless.” He told lawmakers during a Senate hearing in late 2023 that he’s “always been deeply opposed to crypto, bitcoin, etc.,” and that, “The only true use case for it is criminals, drug traffickers … money laundering, tax avoidance.” He said at the hearing that, “If I was the government, I’d close it down.”
At the 2024 World Economic Forum in Davos, Dimon said, “Bitcoin does nothing. I call it the pet rock.” He added that, “This is the last time I’m talking about the with CNBC, so help me God.”
Morgan Stanley CEO Ted Pick told CNBC at this year’s event in Davos that the investment bank is exploring ways to deepen its involvement in cryptocurrency markets, navigating the regulatory landscape under the pro-crypto administration of President Donald Trump.
Since President Trump took office in January, the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency have rescinded their anti-crypto guidance. While banks can now custody crypto, thanks to the repeal of an accounting rule called SAB 121, they still face restrictions on working directly with crypto firms without explicit approval from the Federal Reserve.
Genesis is preparing to introduce its new flagship EV, the GV90. The brand’s largest, most luxurious electric SUV already looks stunning. The Genesis GV90 was spotted with less camo ahead of its debut, giving us a sneak peek of the “ultra-luxe” EV.
Genesis GV90 EV sheds camo during testing
We got our first look at the flagship Genesis model last March with the Neolun concept, a preview of its first full-size electric SUV.
Inspired by Korea’s iconic moon-shaped porcelain jars, the Neolun Concept is “the epitome of timeless design and sophisticated craftsmanship,” according to the luxury brand’s creative officer, Luc Donckerwolke. Genesis calls it “the ultra-luxe vision of luxury SUVs.”
The GV90 is not just a stunning-looking vehicle. It will also serve as a tech beacon for Genesis with Hyundai Motor’s most advanced software and tech, including a massive 24.6″ infotainment.
This is all great, but the feature that caught the most attention was GV90’s coach doors. Ahead of its debut, we’ve seen the GV90 out in the wild for testing a few times, including with coach doors.
Genesis claims B-pillarless coach doors are now feasible in production vehicles, hinting they will be offered on the production model. However, the feature is expected to only be offered on higher-priced trims.
Most recently, the Genesis GV90 EV was caught by the folks at SH Proshots testing at the Nürburgring with notably less camo. The new images (via TheKoreanCarBlog) give us our best look at the flagship electric SUV, and it already looks like a stunner.
A few design elements, like the two-line LED headlamps, are shown, while you can see a good outline of the vehicle’s profile.
Like the concept, the GV90 appears to retain its minimalistic design shown in the Neolun concept. With an extended wheelbase, you can clearly see the size difference compared to its other EVs, like the GV60 or Electrified GV70.
The full-size electric SUV is expected to be the first Hyundai Motor model to ride on the new eM platform, which is set to replace the current E-GMP underpinning current Kia, Hyundai, and Genesis EVs.
Although production was slated to begin later this year at Hyundai’s Ulsan plant in South Korea, a recent report from The Korea Economic Daily claims Hyundai’s new development plan now calls for it to begin in June 2026.
Prices and final specs will be revealed closer to launch, but the GV90 is expected to start at around 100 million won ($80,000) in Korea. More premium trims could cost over 200 million won ($160,000).
Source: TheKoreanCarBlog, SH Proshots
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