Rivian Automotive, Inc. RIVN shares rose on Tuesday following the company’s announcement of production and delivery figures for the second quarter.
The firm manufactured 9,612 vehicles at their Illinois facility and delivered 13,790 vehicles during the period. In the same quarter last year, Rivian produced 13,992 vehicles and delivered 12,640 units.
“Production and delivery results during the second quarter of 2024 were in line with Rivian’s expectations,” Rivian said in a press release.
Also Read: Rivian Is A ‘Long-Term Winner’ With Established Corporate Order Pipeline: Analyst
For 2024, management reaffirmed guidance for annual production of 57,000 total vehicles.
In an investor event last week, Rivian shared an update on vehicle production and financial estimates as part of the investor day presentation.
The company expects second-quarter vehicle production to be in a range of 9,100 to 9,300 units, with second-quarter deliveries expected to be in a range of 13,000 to 13,300 units.
Rivian shared that it expects the R2 to launch in the first half of 2026. The company sees a path to positive gross profit in the fourth quarter of 2024. The company sees positive adjusted EBITDA coming in 2027.
Long-term targets include around 25% GAAP gross margins, around 10% free cash flow margins and high-teens adjusted EBITDA margins.
The company plans to release its second quarter 2024 financial results on August 6, after market close.
Price Action: RIVN shares are trading higher by 1.80% to $14.17 premarket at last check Tuesday.
Image via Shutterstock
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