Rivian reports total revenue of $1.204M in Q1 2024

Rivian reported a total revenue of $1.204 million in the first quarter. The company stated that most of its revenue was driven by vehicle deliveries. In Q1 2024, Rivian delivered approximately 13,588 electric vehicles (EVs) and produced 13,980 units.

 Rivian 2024 gross profit per vehicle delivery was $38,784 in the first quarter. The EV automaker believes the retooling upgrades in its Normal, Illinois manufacturing facility would significantly improve its material and conversion costs on vehicles. 

“Rivian generated negative gross profit of $(527) million for the first quarter of 2024 as compared to $(535) million for the first quarter of 2023. Gross profit losses decreased primarily due to the increased vehicle production and deliveries, reductions in materials costs, and higher average selling prices. 

“In addition, the first quarter of 2024 includes $171 million of costs as part of its cost of revenue efficiency initiatives primarily related to liabilities incurred during the three months ended March 31, 2024, with suppliers and accelerated depreciation in advance of the updates being made to our Normal Factory during the plant retooling upgrade,” reported Rivian. 

Rivian’s total operating expenses in the first quarter increased to $957 million, compared to $898 million year-over-year. The company reported an operating loss of up to $1.484 million, compared to $1.433 million in the same period last year. The EV automaker’s net loss for the first quarter was $1.446 million. Rivian also reported an adjusted EBITDA of $798 million in Q1 2024. 

Rivian set its 2024 Investor Day for June 27, 2024, at 8 AM CDT. The company’s webcast link will be posted closer to the event.

Check out some of our cool Rivian accessories for your R1T and R1S!

Want to make your Rivian R1S look even cooler? The Rivian R1S Chrome Delete DIY Kit is a simple project that lets you ditch the chrome trim and achieve a sleek, modern look. It covers the chrome above the doors, behind the windows, and above the windshield, transforming your R1S with a clean, cohesive aesthetic. And the best part? You can easily install it yourself – no professional needed!

Need a license plate holder that goes on in a flash? We hear you! The Rivian R1T / R1S Front License Plate Holder "Quick Bandit" is the answer. This bad boy uses a special latching system so you can take it on and off in seconds – seriously, it's that fast! Perfect if you want to keep your Rivian looking sleek when you're out cruising.

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