Rivian's Financial Woes Deepen Despite $1 Billion Boost from Volkswagen. Will the EV Company's Deal with the German Auto Giant Save It?
Rivian's financial losses increased in the second quarter from the first quarter and compared to the same period last year. The company’s cash balance was boosted by $1 billion from Volkswagen Group. Rivian is transitioning to cost-efficient versions of its R1 trucks and SUVs, aiming for positive gross profit by the end of the year. However, the company's future hinges on the success of the R2 SUV, expected in 2026. Rivian's deal with VW, expected to finalize at the end of the year, will bring an additional $4 billion and a joint venture to leverage Rivian’s technology across VW’s EV lineup. Rivian also plans to boost revenue through regulatory credit sales and an expanding EV charging network.
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00:00It's Benzinga, and here's what's on the block.
00:02Rivian's financial losses increased in the second quarter from the first quarter and
00:06compared to the same period last year.
00:09The company's cash balance was boosted by $1 billion from Volkswagen Group.
00:13Rivian is transitioning to cost-efficient versions of its R1 trucks and SUVs, aiming
00:18for positive gross profit by the end of the year.
00:20However, the company's future hinges on the success of the R2 SUV, expected in 2026.
00:26Rivian's deal with Volkswagen, expected to finalize at the end of the year, will bring
00:30an additional $4 billion and a joint venture to leverage Rivian's technology across VW's
00:36EV lineup.
00:37Rivian also plans to boost revenue through regulatory credit sales and an expanding EV
00:41charging network.
00:42For all things money, visit Benzinga.com.