Toronto, Ontario — In this Tuesday Ticker, Rivian reports its financial results for the quarter ending June 30, 2024, while maintaining its full-year guidance for 2024. Also in this weekly report: AutoCanada preps to announce its own Q2 numbers.
Rivian report
Rivian’s revenue for Q2 2024, rang up to US$1.16 billion, though the EV maker’s gross profits for Q2 were negative US$451 million, according to the company’s Q2 2024 financials report.
Revenue beat market expectations, but net losses for the quarter increased to US$1,547 million, compared to US$1,195 million in Q2 2023.
The EV maker is also amidst a retooling effort and is reportedly suffering from low inventory. Company CEO R.J. Scaringe said Rivian will begin to see cost reduction from these factory retooling efforts in the second half of 2024.
“The second quarter has been a defining one for Rivian,” said Scaringe in a press release, where the CEO mentioned the launch of Rivian’s second-generation (R2) vehicles and the OEM’s recent partnership with Volkswagen.
Rivian delivered 13,790 vehicles in Q2 2024; total revenues from the sale of regulatory credits came in at US$17 million for the quarter.
Shares of Rivian dropped about 11 percent following the Aug. 6 Q2 results call before rebounding the morning of Aug. 7.
As of 10:30 a.m, ET Monday, shares of Rivian traded at US$13.55 per share, down 35.78 percent year-to-date.
Click here for more information on Rivan’s Q2 2024 results.
AutoCanada’s announcement
AutoCanada is set to report its Q2 2024 financial results this Tuesday, August 13 after market close, at 4:30 p.m. ET.
The company will also host a conference call and webcast to discuss the outcomes. Those interested can attend here. An audio replay will be available for 90 days after the broadcast.
