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Rivian ’s fiscal losses have creep up as it pushed out the last of its first - multiplication R1 trucks and S.U.V. in favor of new , more monetary value - effective interpretation — a signboard of just how much the company could employ the $ 5 billion it could get as part of arecently announced dealwith Volkswagen Group .
The companyannouncedTuesday that it lost $ 1.46 billion in the 2nd quartern of 2024 , up from a first - quarter loss of $ 1.45 billion . The loss was intimately $ 300 million worse than the second tail last class .
As a event , Rivian ’s balance of cash and hard cash equivalent weight was $ 5.76 billion at the end of the quarter . That include the first $ 1 billion from VW .
This all comes as Rivian has begun shippingrevamped versionsof the R1 that are simpler and chinchy to make . Rivian CEO RJ Scaringe has said these vehicles , ship at scale , should assist the fellowship reach plus gross profit by the close of 2024 .
But since Rivian is expect to make and betray roughly the same numeral of EVs this year as it did in 2023 , all eyes are on its 2nd model — the R2 SUV , due out in 2026 — to avail give it as a sustainable fellowship .
Until then , Rivian will be facilitate by the extra $ 4 billion that VW will pour into the young automaker — as long as the two companies finalize the concord . That is suppose to happen sometime in the fourth quarter of this year . Once complete , the deal will see Rivian and VW make a joint venture that will leverage Rivian ’s advanced electric architecture and software . That engineering science will flow into Rivian ’s R2 and the many VW Group ’s EVs , and possibly ones built by other automakers .
Scaringe was heedful not to deal much new data about the VW tie-up - up during a conference call Tuesday . But chief software police officer Wassym Bensaid said Rivian has a drivable sales demonstrator fomite equipped with the caller ’s electronic components and its software great deal .
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“ We ’re actually extremely excited with the progress that we ’re making in the electric architecture integration analytic thinking . Our engineers have been working very intimately with the Volkswagen Group , ” Bensaid enounce . “ We ’re propel forward really , really well in understand how our engineering will scale up and down the intact Volkswagen Group portfolio . ”
Rivian had previouslysaidin the run - up to the promulgation that it had completed “ significant work ” to “ formalize that Rivian ’s electrical architecture and software package are compatible with Volkswagen Group ’s vehicles . ” Harry Porter , a spokesperson for Rivian , declined to offer any further information about the sales demonstrator fomite .
Until the VW deal is done , Rivian will turn to other methods to footslog out its business . For instance , the ship’s company sound out it sell $ 17 million worth of regulative reference to other society in the second tail . Scaringe said on the call that major automaker scaling back EV ambitions has created a “ nihility of products ” that is increasing the opportunity for Rivian to sell these credit — so much so , he say , that Rivian could curve up selling more than it had anticpated .
The party is also work up out an EV charging internet to support its vehicles that could pull in some additional tax revenue , specially as Rivian allows other eV to access it bug out afterward this year .
