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Rivian’s 2024 Investor Day noticed the electrical automobile maker present intensive updates to a number of of its ongoing tasks. Apparently sufficient, the corporate’s presentation for the occasion additionally included a pre-announcement for the corporate’s Q2 2024 automobile supply outcomes.
As per Rivian’s presentation for its 2024 Investor Day occasion, the corporate would have the ability to ship 13,000-13,300 automobiles this second quarter. As famous by Wall Avenue veteran Gary Black, an in depth watcher of electrical automobile maker shares like TSLA, Rivian was anticipated to publish automobile deliveries of 10,200 models this Q2 2024. With this in thoughts, Rivian seems to have exceeded expectations this second quarter.
$RIVN pre-announces 2Q delivs of 13.0-13.3K vs 10.2K anticipated, and 2Q manufacturing 9.1-9.3K vs 10.3K anticipated
– Reaffirms path to constructive 4Q gross earnings
– Reaffirms FY’24 steerage of 57K manufacturing https://t.co/kirvqUKRUV— Gary Black (@garyblack00) June 27, 2024
Rivian additionally pre-announced its automobile manufacturing figures for Q2 2024, with the corporate itemizing 9,100-9,300 automobiles produced this quarter. It is a bit decrease than expectations, as Black famous that Rivian was anticipated to supply 10,300 automobiles in Q2 2024. Rivian, nevertheless, reaffirmed its Full 12 months 2024 steerage of 57,000 automobiles, which might be fairly an accomplishment for the electrical truck maker.
Rivian additionally appeared optimistic about its possibilities of seeing constructive gross revenue later this yr. As famous by the corporate in its 2024 Investor Day presentation, Rivian sees a path to constructive gross revenue in This autumn 2024. Rivian famous that its partnership with the Volkswagen Group can be anticipated to strengthen its stability sheet even additional.
Lengthy-term, Rivian can be aiming to attain ~25% GAAP gross margin, adjusted EBITDA margin within the excessive teenagers, and ~10% free money movement margin.
Rivian’s current partnership with Volkswagen, which concerned the veteran German automaker taking a $5 billion stake within the American electrical truck maker, has been acquired nicely by some EV watchers on Wall Avenue. Wedbush analyst Dan Ives, for one, famous that the deal was a “large win for (Rivian CEO) RJ (Scaringe) and Rivian” because it “takes the most important bear thesis round capital off the desk.”
Watch a livestream of Rivian’s 2024 Investor Day within the video under.
Rivian’s 2024 Investor Day handout may be seen under.
062724_Rivian_InvestorDay by Simon Alvarez on Scribd
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