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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Blink Charging (Nasdaq: BLNK) has struck a deal with Hubject to make charging easier for EV drivers across North America.
The agreement will bring Blink into Hubject’s intercharge eRoaming platform as a charge point operator. That means electric mobility service providers (eMSPs) and their customers in the US, Canada, and Mexico will soon have access to Blink’s charging stations through their existing apps. In turn, Blink drivers will gain better access to stations connected through Hubject’s network.
Hubject, which already connects more than 1 million charging points and 2,750 partners worldwide, expects the integration to strengthen its North American presence by adding Blink’s wide-ranging network of chargers, from Level 2 workplace stations to DC fast charging. Blink, meanwhile, anticipates more customers will plug in, thanks to Hubject’s reach.
“Our collaboration with Blink marks an important step in expanding our North American intercharge network,” said Trishan Peruma, CEO of Hubject North America. “By integrating Blink’s network into our eRoaming platform, we aim to help reduce barriers that have historically complicated EV charging and to support the continued growth of EV adoption across the United States, Canada, and Mexico.”
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Blink Charging’s president and CEO Mike Battaglia added, “Connecting the Blink Network to Hubject’s platform will allow more drivers to benefit from interoperable charging while traveling.”
The integration will use the industry-standard OCPI protocol to keep billing and communication between networks secure and reliable. Deployment is planned in phases throughout 2025, with full integration targeted for the end of the year.
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Hyundai wants to make the electric sports car for everyone. Not just those who can afford it. The new Hyundai IONIQ 5 N Essentials trim was launched in Korea on Monday, offering a lower price tag but the same thrilling drive.
Hyundai launches new IONIQ 5 N Essentials in Korea
The IONIQ 5 N is Hyundai’s first EV sports car under the IONIQ series. Initially launched in 2023, the IONIQ 5 N marked a new era for Hyundai’s high-performance N division.
Hyundai’s electric hot hatch not only looks the part with added sporty “N” branded elements scattered inside and out, but it’s also packed with fun features, advanced tech, and a host of drive modes.
Based on a dual-motor all-wheel drive (AWD) powertrain, the IONIQ 5 N delivers up to 641 horsepower when N Grin Boost is engaged. Even without it, the electric sports car packs 601 hp.
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It also draws power from an 84 kWh battery, good for an EPA-estimated range of 221 miles. On the WLTP scale, it’s rated with an official range of 278 miles (448 km). The added power results in a lower range than other IONIQ 5 trims.
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)
Although it was already one of the most affordable sports cars, EV or gas-powered, Hyundai is lowering the price even further.
After launching the new Essentials model in South Korea on Monday, Hyundai said the new trim “is characterized by lowering the barrier to entry so that customers can experience the overwhelming driving performance of the IONIQ 5 N at a reasonable price through optimized specifications.”
The new Hyundai IONIQ 5 Essentials trim (Source: Hyundai)
Hyundai focused on core convenience features while including the same high-performance motors, battery, and N-specific elements as the base model.
A Hyundai official said, “The Essential trim of the IONIQ 5 N is a new trim that offers greater cost-effectiveness to lower the barrier to entry for high-performance electric vehicles.”
The Hyundai IONIQ 5 N (Source: Hyundai)
The IONIQ 5 N features advanced driver assistance systems (ADAS), including highway driving assist and navigation-based smart cruise control. Hyundai has also added an exclusive new “Parking Assist Lite” package, offering safety and convenience features such as surround view monitoring and rear parking assistance.
The new Hyundai IONIQ 5 N Essentials trim starts at 74.9 million won ($54,000), including tax benefits. Hyundai said it will continue to make competitive products so more buyers can experience high-performance EVs.
2025 Hyundai IONIQ 5 N (Source: Hyundai)
Although the Essentials trim is not available in the US, the IONIQ 5 N is still more affordable than most sports cars. The 2025 Hyundai IONIQ 5 N starts at $66,200. But, with the $7,500 tax credit, which is set to expire on September 30, leases are currently listed as low as $549 per month.
A federal judge has cleared the way for Ørsted’s nearly complete 704-megawatt (MW) Revolution Wind offshore wind farm to restart construction, overturning a stop-work order imposed by the Trump administration.
Reagan-appointed senior US District Judge Royce C. Lamberth granted a preliminary injunction in Washington, DC, calling the government’s conduct “the height of arbitrary and capricious government conduct.” He added, “If Revolution Wind cannot meet benchmark deadlines, the entire project could collapse. There is no doubt in my mind of irreparable harm to the plaintiffs.”
Ørsted welcomed the ruling and said in a statement, “Revolution Wind will continue to seek to work collaboratively with the US Administration and other stakeholders toward a prompt resolution. Revolution Wind will resume impacted construction work as soon as possible, with safety as the top priority.”
The decision marks a significant setback for the Trump administration’s attempts to stall offshore wind development. Revolution Wind is already about 80% complete, with all turbine foundations and 45 of 65 turbines successfully installed, and expected to power 350,000 homes in Rhode Island and Connecticut. Earlier this month, the two states’ attorneys general announced they were suing the Trump administration to overturn its “baseless” decision to halt Revolution Wind. That underlying lawsuit challenging the stop-work order will continue to progress.
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Oceantic Network CEO Liz Burdock said, “Today’s decision allowing work to resume on Revolution Wind is welcome news for the hundreds of skilled workers who can now return to their jobs while the legal process continues. This Made in America energy project is putting Americans to work building reliable, affordable power to communities across New England that desperately need it.”
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