Super Micro Computer Shares Plunge After Co-Founder Charged in AI Chip Smuggling Case 
FEMSA Cuts Jobs at Spin Fintech Unit, Refocuses Strategy on Oxxo Stores 
OpenAI's Desktop Superapp: Unifying ChatGPT, Codex, and Browser Tools for Enterprise AI 
Meta Eyes Massive Layoffs to Fund AI Ambitions 
Trump White House Unveils National AI Policy Framework for Congress 
Hua Hong Group's 7nm Breakthrough Signals China's Growing Chip Independence 
Jeff Bezos Eyes $100 Billion Fund to Transform Manufacturing With AI 
DOJ Antitrust Chief Rejects Political Fast-Track for Paramount-Skydance Deal 
Foxconn Shares Slip After Q4 Profit Miss Despite Record Revenue and Strong AI Outlook 
Cyberattack on Stryker Triggers U.S. Government Warning Over Microsoft Intune Security 
Genel Energy Reports FY25 Net Loss Below Fears, EBITDAX Beats Forecasts 
Xiaomi's AI Model "Hunter Alpha" Mistaken for DeepSeek's Next Release 
SK Hynix Chairman Warns of Memory Chip Shortage Through 2030 Amid AI Boom 
Zhipu AI Launches GLM-5-Turbo Model to Power Next-Gen AI Agent Workflows 
Alibaba Bets on AI Agents to Unify Its Vast Digital Ecosystem 
Micron Technology Plans Second Taiwan Chip Facility to Meet AI Memory Demand 
Tesla FSD EU Approval Delayed to April 10 as RDW Completes Final Review 
Rivian disclosed its Q2 2024 earnings, revealing a $1.46 billion net loss and $1.16 billion in revenue. CEO RJ Scaringe highlighted strong execution and cost reductions, as well as a new joint venture with Volkswagen Group.
Rivian Reports $1.46 Billion Q2 Loss Amid Volkswagen's Initial $1 Billion Investment Boost
Following receiving its initial payment from Volkswagen as part of a $5 billion investment, Rivian has disclosed its second-quarter earnings this week.
As disclosed on its Investor Relations page, Rivian conducted its Q2 2024 earnings call on August 6. The company's second-quarter financial results were as follows: a net loss of $1.46 billion, operating expenses of $924 million, an adjusted negative gross profit of -$451 million, and total revenue of $1.16 billion.
Teslarati reports that Rivian disclosed that it had $5.76 billion in cash after the second quarter, which included Volkswagen's initial $1 billion convertible note. Additionally, the company reported downbeat earnings per share of $1.13.
“The second quarter has been a defining one for Rivian,” said CEO RJ Scaringe. “We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second-generation R1 vehicles. The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group.”
Rivian Produces 9,612 Units in Q2, Sees Improved Loss Per EV as Volkswagen Partnership Grows
Rivian reported last month that it had produced 9,612 units at its factory in Normal, Illinois, and delivered 13,790 vehicles in Q2. In the first quarter, Rivian also disclosed net losses of $1.45 billion and a total revenue of approximately $1.2 billion.
According to these figures, Rivian experienced a loss of approximately $32,705 for each electric vehicle it sold. This represents a modest improvement from the $38,784 loss per EV sold in Q1 and the $43,372 loss per EV sold in Q2.
Volkswagen's remaining $4 billion investment is contingent upon fulfilling specific agreements and accomplishments and receiving specific regulatory approvals. The companies have also announced a collaborative venture to develop an electric vehicle platform and technology.
In Q2, Rivian also introduced its revised R1 lineup, which is anticipated to result in a 20% reduction in material costs compared to the first-generation lineup.
