U.S. Cybersecurity Pushes Faster Patch Deadlines Amid Rising AI-Driven Threats 
U.S. Warns Allies Over Alleged Chinese AI IP Theft Linked to DeepSeek 
Lightelligence IPO Soars Over 400% in Hong Kong Debut Amid Rising AI Investment Demand 
DeepSeek V4 Launch Signals China’s Growing AI Independence with Huawei Chips 
Why Paycom Was Named a 2026 Platinum Employer on the Where You Work Matters List 
Taiwan Activates Backup Communications After Undersea Cable Break on Dongyin Island 
Apple Q2 2026 Earnings Surge as iPhone 17 Sales Drive Record Revenue 
Qualcomm Stock Surges Despite Weak Guidance After Q2 2026 Earnings Beat 
SMC Corp Stock Surges as Palliser Capital Pushes for Major Share Buyback 
U.S. Raises Alarm Over Chinese AI Firms’ Alleged IP Theft Through Model Distillation 
DeepSeek Slashes AI Model Pricing to Boost Adoption and Challenge Global Rivals 
$16B Michigan Data Center Project Boosts U.S. AI Infrastructure Expansion 
Microsoft Azure Growth Forecast Beats Expectations Amid Rising AI Competition 
Micro Systemation Reports Q1 Loss Amid Strategic Investments and Revenue Growth 
Seagate Stock Surges After Strong Q3 Earnings Beat and Bullish Outlook 
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.
