Rivian's agreement with Volkswagen brings $1 billion through a share sale, as it delivered 10,661 vehicles in Q2, experiencing a 23% sales drop. The company has lowered its 2025 sales target, facing challenges from tariffs and increased production costs. Rivian aims to deliver between 40,000 and 46,000 EVs in 2023 but will sell fewer in 2025 compared to previous years. The funding from Volkswagen is linked to Rivian's second gross profit milestone this year, achieved by simplifying vehicle designs despite ongoing financial losses.
Rivian delivered 10,661 vehicles in the second quarter, a 23% drop from the previous year, and revised its 2025 sales target downward due to increased costs.
Despite the setbacks, Rivian anticipates delivering between 40,000 and 46,000 EVs this year, though even the high end means selling fewer cars in 2025 than in prior years.
Rivian achieved a gross profit for the second time by simplifying the design of the R1S SUV and R1T pickup truck, although it continues to operate at a loss.
The partnership with Volkswagen, worth $5.8 billion through joint ventures, sees Rivian providing software and designs for future EVs as part of their collaboration.
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