Rivian pre-announced deliveries of 13,000-13,300 vehicles for Q2 2024, surpassing the expected 10,200 units. Production was slightly lower than anticipated at 9,100-9,300 vehicles, rather than the projected 10,300 units.
The company reaffirmed its Full Year 2024 guidance of 57,000 vehicles, showcasing ambitious goals and a confident outlook. Rivian also aims for positive gross profit in Q4 2024, with the partnership with Volkswagen expected to bolster the balance sheet.
Focused on the long-term, Rivian targets a ~25% GAAP gross margin, high teens adjusted EBITDA margin, and ~10% free cash flow margin. The recent $5 billion stake by Volkswagen signifies a promising partnership for Rivian's future growth and sustainability.
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