Reports Q3 revenue $874M, consensus $989.6M. Last night, along with its Q3 report, the company stated: “The company remains on track for positive gross profit for the fourth quarter of 2024. This is expected to be driven primarily by improvements in revenue per unit, variable cost per unit, and fixed and semi-fixed costs per unit. The increase in revenue per unit is primarily due to an increase in the sale of regulatory credits and increased R1 average selling prices from an improvement in mix towards more premium variants. The variable and fixed / semi-fixed cost improvements are driven primarily by improvements in material cost and operational efficiencies in the production of R1 second generation vehicles. Rivian has continued to make rapid progress in the design, development, sourcing, and manufacturing facility expansion in Normal, which are critical steps toward achieving our target of launching R2 in the first half of 2026. R2 has been designed to maximize cost efficiency and manufacturability while still delivering on the performance and utility consumers expect from a Rivian. Eighty five percent of the bill of materials has been sourced within Rivian’s cost targets.”
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