Rivian second-quarter vehicle deliveries came in above its own forecasts as the EV startup kept full-year production guidance steady. Meanwhile, reports emerged Tuesday that Volkswagen and the EV startup are already discussing expanding their partnership. RIVN stock advanced Tuesday.
Rivian announced Tuesday it delivered 13,790 vehicles in Q2 and produced 9,612 units at its manufacturing facility in Normal, Illinois. Rivian also reaffirmed full-year production guidance of 57,000 units.
During Rivian's investor day last week, the EV startup predicted Q2 deliveries totaling between 13,000 and 13,300. Analysts had forecast second-quarter deliveries of 12,000, according to FactSet.
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The company also reported Thursday that so far this year it delivered between 26,600 and 26,900 vehicles and produced 23,100-23,300 units.
Rivian also affirmed last week its goal of positive gross profit per vehicle by the fourth quarter. In Q1, Rivian lost $38,784 per vehicle delivered.
The startup said Thursday its path to gross profit per unit delivered is primarily by reducing material costs, along with regulatory credits and other efforts.
Volkswagen Deal
Meanwhile, Rivian also announced last week a joint venture with Volkswagen. The $5 billion plan involves the global auto giant investing in the EV startup in order to leverage some of its engineering and designs.
The partnership will focus on software along with electrical architecture design and development, according to Rivian executives. Currently, the joint venture does not include battery technology, propulsion platforms, high-voltage systems or autonomous driving.
However, German language-outlet Handelsblatt reported Tuesday that Volkswagen and Rivian are apparently looking at expanding its partnership to include hardware and joint production. VW's U.S. electric brand "Scout" could also be included in the partnership with Rivian, according to the report.
Rivian Chief Executive RJ Scaringe said last week the joint venture will have two co-chief executives. Rivian will appoint the technical leadership and Volkswagen will name the co-CEO in charge of operations.
Both Volkswagen and Rivian will continue to independently manage and operate their respective vehicle businesses, according to Scaringe.
The companies expect the deal will total $5 billion. This includes an initial $1 billion investment by Volkswagen and then plans for another $4 billion.
Rivian Stock Performance
RIVN shares gained 7% to 14.88 during Tuesday's market action. On Monday, Rivian stock gained 3.7% to 13.92. Last week, Rivian soared 30%, hitting a high of 16.35 on Wednesday.
On June 25, Scaringe sold 71,429 shares of RIVN, for a value of $803,576.25, according to regulatory filings. Rivian stock jumped 8.6% to 11.96 that day.
It was Scaringe's second time selling Rivian stock this month, after unloading 71,429 shares for a market value of $820,883.50 on June 10.
Leading up to last week's advance, RIVN shares had tumbled 50% in 2024, dropping below their 200-day. Now the stock has moved above its 50-day moving average and is testing resistance at the underside of the 200-day line. RIVN is 82% below its IPO price of $78, according to MarketSurge analysis.
Rivian stock ranks eighth in IBD's Automakers industry group. RIVN has a 34 Composite Rating out of 99. Additionally, the stock has a 23 Relative Strength Rating and its EPS Rating is 30 out of 99.
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