Rivian set to report Q3 earnings as production challenges impact outlook

Rivian will report its Q3 2024 earnings on Thursday, following a supply shortage that affected production. The company delivered 10,018 vehicles, a 27% decrease from Q2, and cut its annual production target to 47,000-49,000 vehicles. Despite the lower production outlook, Rivian expects to deliver between 50,500 and 52,000 vehicles in 2024, an increase from last year. The company reported a loss of $1.46 billion in Q2, with expectations of a smaller loss of $0.96 per share for Q3. Rivian is preparing to launch its more affordable R2 model in 2026, aiming for significant cost reductions. The company also secured a $5 billion investment from Volkswagen, contingent on performance targets.