IRVINE, Calif. - Rivian (NASDAQ:RIVN) Automotive, Inc. (NASDAQ: RIVN) has reported its vehicle production and delivery figures for the first quarter ending March 31, 2024, meeting the company's expectations. The electric vehicle manufacturer produced 13,980 vehicles and delivered 13,588 units in this period from its Normal, Illinois facility.
The company's production and delivery numbers align with its projections, and Rivian is maintaining its production guidance of 57,000 vehicles for the entirety of 2024. This announcement comes as a measure of the company's operational progress and adherence to its production goals.
In addition to the quarterly results, Rivian has announced that it will disclose its financial outcomes for the first quarter of 2024 on May 7th, after the market closes. To discuss these results and provide further insights into the company's performance and future outlook, Rivian will host an audio webcast at 5:00 p.m. ET on the same day.
The webcast will be accessible to the public, and a replay will be available on Rivian's investor relations website for four weeks post-broadcast.
Rivian's press release also included forward-looking statements projecting the company's anticipated production levels and ramp-up. These statements are based on current expectations and are subject to a variety of risks and uncertainties that could cause actual results to differ materially.
The company acknowledges these forward-looking statements are subject to change and does not commit to updating them in the future.
Rivian, known for its innovative electric vehicles, aims to accelerate the transition to zero-emission transportation. The company sells its products directly to consumers and commercial customers, offering a suite of services that encompass the entire vehicle lifecycle. Rivian's mission emphasizes environmental sustainability and adventure.
Investors and the public are advised that this report is based on a press release statement from Rivian Automotive , Inc.
InvestingPro Insights
Rivian Automotive, Inc. (NASDAQ: RIVN) has demonstrated a commitment to reaching its production targets, which is reflected in the recent vehicle production and delivery figures. As investors look toward the upcoming financial results, key metrics from InvestingPro offer a deeper understanding of the company's market position and financial health.
The electric vehicle maker's market capitalization stands at $10.84 billion, showcasing its significant presence in the industry despite the challenges faced by many startups. However, the company's P/E ratio is currently negative at -2.0, indicating that it is not generating a profit at this time.
This aligns with one of the InvestingPro Tips which highlights that analysts do not anticipate Rivian to be profitable this year. Additionally, the company's revenue has seen impressive growth over the last twelve months, with a 167.43% increase, signaling strong demand for its electric vehicles.
On the operational front, Rivian holds more cash than debt, which is crucial for its financial stability and future investments. But it's important to note that the company is quickly burning through cash, a point that investors should consider when evaluating the company's long-term viability.
For those seeking a more comprehensive analysis, there are additional InvestingPro Tips available, which detail aspects such as Rivian's price volatility and weak gross profit margins.
For readers interested in a deeper dive into Rivian's financials and strategic positioning, InvestingPro offers further insights. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 14 additional InvestingPro Tips available for Rivian, providing a more nuanced view of the company's performance and expectations.
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