Image: Drive
Image: Drive
AutoExec Summary
US-based electric vehicle start-up Rivian has yet to turn a profit despite a boost in sales from their revamped R1S SUV in Q2 2024. The company is losing money on every vehicle sold, leading to concerns about its future in the declining EV market. Rivian’s Q3 deliveries are expected to decrease due to low inventory levels, with production targets remaining unchanged for the year. A factory shutdown in April 2024 for re-tooling led to the introduction of a new generation of R1 vehicles with advanced features and a simpler manufacturing process. Despite the challenges, Rivian remains optimistic about achieving profitability by the end of the year, with support from a $US5 billion investment from Volkswagen to fund future projects like the R2 electric SUV.
Brands mentioned: Rivian, Volkswagen