Rivian Cuts Q1 Losses, Ramps Georgia Plant for R2 Production

Key Details Rivian Automotive reported a narrower first-quarter loss of 33 cents per share, down from 48 cents in the same period last year. On an adjusted basis, the EV maker lost 54 cents per share, beating Wall Street's 59-cent estimate. The company reaffirmed its 2024 delivery target of 62,000 to 67,000 vehicles. Why It Matters The improved results signal Rivian is controlling costs as it ramps production of the critical R2 SUV, which began deliveries on schedule this month. The lower-priced electric SUV is essential for expanding beyond Rivian's current niche market of large, expensive vehicles. Georgia Expansion Rivian increased planned production capacity at its new Georgia factory to 300,000 vehicles annually, up from 200,000 units. Construction starts this year with R2 output beginning in late 2028. The Department of Energy approved a reduced loan of up to 4.5 billion dollars, compared to the previous 6.6 billion dollar arrangement. Autonomy Strategy Uber committed to investing up to 1.25 billion dollars in Rivian to launch an R2 robotaxi fleet across the U.S., Canada and Europe. Rivian expects to build up to 50,000 robotaxis in Georgia beginning in late 2028. The autonomy push will delay profitability goals due to increased research and development spending.