Rivian Q2 Earnings Highlights: Revenue Beat, EPS Miss, Volkswagen JV To 'Speed Up The Transition Away From Fossil Fuels'
Portfolio Pulse from Chris Katje
Rivian Automotive (NASDAQ:RIVN) reported Q2 revenue of $1.16 billion, beating estimates, but missed EPS expectations with a loss of $1.46 per share. The company produced 9,612 vehicles and delivered 13,790. Rivian highlighted a joint venture with Volkswagen Group (OTC:VWAGY) aimed at accelerating software development and reducing costs. Rivian reaffirmed its full-year production guidance of 57,000 units and plans to launch the R2 vehicle in 2026.
August 06, 2024 | 8:31 pm
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Rivian reported Q2 revenue of $1.16 billion, beating estimates, but missed EPS expectations with a loss of $1.46 per share. The company produced 9,612 vehicles and delivered 13,790. Rivian highlighted a joint venture with Volkswagen Group aimed at accelerating software development and reducing costs. Rivian reaffirmed its full-year production guidance of 57,000 units and plans to launch the R2 vehicle in 2026.
While Rivian beat revenue estimates, the EPS miss and the stock's 1.89% drop in after-hours trading suggest mixed investor sentiment. The joint venture with Volkswagen and reaffirmed guidance provide some positive outlook, but the immediate impact is neutral.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Volkswagen Group's joint venture with Rivian aims to accelerate software development and reduce costs. The partnership is expected to close in Q4 and integrate Rivian's technology into Volkswagen products, enhancing global innovation and consumer choice.
The joint venture with Rivian is a strategic move for Volkswagen, likely to enhance its software capabilities and reduce costs. This partnership is expected to positively impact Volkswagen's innovation and market position in the EV sector.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50