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, Electrekposted 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 R1T (left) and R1S (right) electric vehicles (Source: Rivian)
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 Q3 2024 earnings (Source: Rivian)
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 loss per vehicle by quarter
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
Rivian deliveries and production by quarter in 2024
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 production plans (Source: Rivian)
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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With dual electric motors pumping out 776 hp, over 400 miles of all-electric range, and a relatively low MSRP, the new AUDI E5 Flagship Quattro electric wagon is electrifying the Chinese wagon market – scoring over 10,000 orders in its first thirty minutes on sale!
First launched last fall, the new Audi-backed AUDI sub-brand kept the sexy wagon aesthetic but ditched the Germans’ interlocking rings and Auto Union heritage in favor of a simple, all-caps AUDI logo on the E concept wagon. Now seen in production trim, the production AUDI E5 Sportback is surprisingly true to the original concept – except in the horsepower department, that is.
But, while a production car having lower horsepower figures than the concept car that preceded it is pretty typical, the production AUDI E5 is different: it actually offers more peak power than the 765 hp concept!
That’s right, kids! the range-topping Flagship Quattro version of the new AUDI E5 Sportback offers buyers 776 horsepower (that’s 11 more than the concept), and gets 402 miles (CLTC) of range from its 100 kWh battery. And, while that version is a monster, even the base-level Pioneer version at just 235,900 yuan ($33,000, as I type this) offers a 76 kWh battery pack sending power to a 295 hp rear-mounted electric motor and over 600 km of range (~385 miles).
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It’s a solid achievement in value and tech, and the Audi people seem pretty proud of themselves. “The AUDI E5 Sportback is our first model based on the Advanced Digitized Platform, and it delivers on our brand promise: the best of both worlds,” says Fermín Soneira, CEO of the Audi and SAIC Cooperation Project. “Audi’s DNA and engineering excellence is blended with China’s digital ecosystem and innovations, specifically tailored for our tech-savvy customers.”
And it’s pretty.
AUDI E5 Sportback
The wagon’s exterior, while not necessarily shouting “Audi” in the conventional, Western sense, is still proportioned well enough to carry the four rings (or, looked at another way, a VW logo). But, while it’s a great-looking wagon on the outside, it’s on the inside that the all-new E5 AUDI Sportback really sets itself apart.
The interior of the AUDI E5 Sportback is noticeably different from any Audi model, being much more inline with similar entry-luxe EVs sold in China. The E5 dash also sports a 59″-inch” wide screen that stretches across the entire dash, digital side mirrors, Alcantara seating surfaces, and wireless phone chargers.
All that tech is powered by the QUALCOMM Snapdragon 8295 automotive chipset with 5-nanometer precision and the ability to perform 30 billion operations per second, and the Chinese-market AUDI OS offers what its makers call, “an intuitive experience designed to make the vehicle occupants’ lives easier.”
You can take a look at the new E5 Sportback’s interior, below, then let us know whether or not you think an Audi AUDI like this (and its purple mood lighting) would be a hot seller Stateside in the comments.
E5 Sportback interior
SOURCE | IMAGES: AUDI.
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The Einride Level 4 autonomous HDEV is being operated under a relatively new Belgian regulatory framework, and showcases how Einride (and Europe) might hope to take the lead in advancing autonomous freight technology. Now in service at the Port of Antwerp-Bruges, one of the most complex logistics centers in the world, Einride believes its autonomous trucks can move goods with more efficiency and lower emissions than human-driven, diesel-powered rivals.
“Antwerp is more than a logistical hub,” explains Johan Klaps, an alderman at the port of Antwerp. “(Antwerp) is also a place where the mobility of tomorrow is tested and concretized. Autonomous and sustainable applications such as Einride’s proves that innovation is a driver for competitiveness and economic growth.”
Einride autonomous HDEV
The Einride truck itself is an impressive piece of engineering, fitted with a robust 320 kWh li-ion battery pack that promises more than 650 km (405 miles) of all-electric range, thanks to a combination of slippery aerodynamics, energy-efficient electric drive motors, and (of course) the energy-smart driving tactics employed by its impressive self-driving software.
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Einride says its autonomous driving system (backed by a remote operator, Waymo-style, to help deal with edge cases) processes over 5 million data points per second, using radar and LiDAR to feed AI that generates real-time driving instructions for seamless navigation and freight delivery. And, thanks to its purpose-built, cab-less design and 82,000 lb. GVWR, each electric truck can operate with fewer than one remote operator per vehicle, paving the way for far more cost-efficient and expansive logistics operations without the need for many more operators.
“What we are seeing today in Antwerp perfectly aligns with European ambitions,” says Andrea De Candido, Connected, Cooperative and Automated Mobility (CCAM) DG RTD – European Commission. “(We’re) developing innovative technologies that are efficient, safe, sustainable and scalable. Through pioneering projects like this, we strengthen Europe’s position in future-oriented automated mobility solutions.”
With driver shortages still hitting the industry and electric semi fleets already running across Europe, the Middle East, and even here in the US, it’s only a matter of time before Einride rolls out its autonomous trucks in more markets.
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Due to Tesla still referring to them as “new, more affordable models”, many people believed that Tesla would still bring to market new, cheaper models.
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In fact, the automaker initially stated that it would arrive in the “first half of 2025.”
The new stripped-down Model Y is codenamed E41 and is expected to feature cheaper materials and fewer features than the normal Model Y, which starts at $45,000 in the US.
It is expected to be similar to what Tesla did with the new base Model 3 in Mexico, which features cloth materials instead of vegan leather, lacks a rear display, has no ambient lighting, and features a less advanced audio system.
However, we now learn that the new affordable Model Y will go further than a cheaper interior.
Green, a well-known Tesla hacker who often reveals new features in vehicles through looking deep in firmware updates, claims to have uncovered new details about the upcoming Model Y E41 through the latest Tesla firmware update.
Simplified model Y “E41” that was sighted live now appears in the firmware too. They will have two audio options: “essential” and “essential with commodity” Backup camera would lose a heater no “airwave” in console E41 fascia (performance will also get a fascia update)
The details are somewhat limited as he has to decode them from the firmware, but here’s the full list of what he has found out about the new cheaper Model Y:
“Essential” and “essential with commodity” audio packages
Backup camera without heater
No “air wave” in the center console, which likely means no air flow control for the second row
A new front fascia
Simplified fiberglass headliner
Simplified cabin lighting (footwell only)
Simplified seat controls (single axis)
No power mirror folding
No puddle lamps
No glass roof
No second row display
No Tire Pressure Monitoring System
Simplified 18″ wheels
Downgraded suspension
Tesla has yet to confirm when the new Model Y version will launch, but we previously reported that Tesla is likely waiting for Q4 as it is enjoying strong demand in Q3 from the end of the federal tax credit in the US.
Electrek’s Take
I like “simplified”. I don’t know if the term comes from Green or Tesla, but it certainly works better than “stripped-down,” even though it is also accurate based on what we are learning about the new version.
This didn’t work with the Cybertruck. Tesla quickly discontinued the “simplified” version, but the Cybertruck was already much less popular than Model Y.
I don’t know. This could work. It depends entirely on pricing. If it brings the base price down to $35,000, I can see some people going for it.
However, it will likely devalue Tesla’s “premium” brand and the Model Y significantly.
Also, most of the demand is likely going to come from Model Y buyers in the first place – cannibalizing Tesla’s own sales.
In short, it’s more of a placeholder to slow down the degradation of Tesla’s EV business amid its shift to autonomous driving and robotics, rather than a solution to return to EV growth. That’s a bummer.
Tesla needs brand-new EV models. It’s plain and simple.
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