Rivian has released its first-quarter financial results for the year, as the company continues to work toward making its electric vehicles (EVs) profitable.
In Q1, Rivian had $1.2 billion in revenue, landing above analyst expectations, along with a net loss of about $1.45 billion, and an EBITDA-adjusted loss of $798 million, as detailed in the company’s earnings report.
Last month, the company reported that it delivered 13,588 vehicles and produced 13,980 in Q1, meaning that the automaker lost $38,784 per vehicle delivered during the quarter. This figure was improved from $43,372 in Q4 and from $124,000 in Q4 2022, as Rivian continues making its way toward profitability.
Rivian also reported $957 million in operating expenses in the first quarter, up from $898 million in Q1 2023. In addition, the automaker reported capital expenditures of $254 million, ending the quarter with $9.05 billion in total liquidity.
Credit: Rivian
“First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability,” writes CEO RJ Scaringe in the press release.
“We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X. It is great to see the incredible support for our brand and upcoming products.”
The company reiterated its expected path to reaching modest gross profit by the fourth quarter of this year, and its production guidance of 57,000 vehicles. Additionally, the company highlighted that the Rivian R1S was the best-selling EV in the U.S. for over $70,000 in Q1, while the company reached a 5.1 percent market share during the quarter, according to data from J.D. Power and Car Edge, respectively.
In addition, Rivian says it had material cost improvements for each of its vehicles in the first quarter, including the R1T, the R1S and the EDV. The company also highlighted its recent production line upgrades at its factory in Normal, Illinois, leading to increased production rates and, ultimately, decreased labor and overhead costs.
“The tooling upgrades we made in the normal plant enable us the ability to increase our line rate by roughly 30 percent, which reduces our per unit labor and overhead costs,” Scaringe said during the company’s earnings call.
You can see Rivian’s full shareholder letter for Q1 2024 here, or listen to a replay of the earnings call here for 30 days.
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
Tesla has taken another concrete step toward owning its battery supply chain, and it’s doing so with what is perhaps the most important vehicle in its short-but-storied history.
On September 23, Tesla announced that it has officially built the first Cybercab with cathode material produced in-house at the company’s first cathode plant in the U.S., and the first in the U.S. overall.
First Cybercab made using our in-house cathode material – from the first cathode plant in the Americas pic.twitter.com/X95aVXsT9H
— Robotaxi (@robotaxi) September 23, 2026
Active cathode material is the most expensive piece of a lithium-ion battery cell, and it often accounts for more than a third of cell cost. For years, the industry sourced a majority of it from Asia, but Tesla’s decision to make it in the United States bodes well for the Cybercab project. This is the latest chapter in Tesla’s vertical integration strategy, which began in public at Battery Day in 2020.
At the Battery Day Event, Elon Musk said the company would build a North American cathode plant and overhaul the process to cut costs and waste, while also making some of the most powerful and long-lasting cells in the industry.
The Austin facility took years to appear. Tesla filed permits for “Project Cathode” in 2022 on land near Giga Texas. By mid-2022, the building frame was up and Tesla later invested hundreds of millions of dollars as part of a larger expansion of the Giga Texas plant. The company stated it was operating the first large-scale cathode production facility in North America to supplement 4680 cell production.
One month later, that material reached a finished Cybercab.
Made with nickel cathode manufactured locally at Gigafactory Texas! https://t.co/DqMm5fZV3n
— Elon Musk (@elonmusk) September 24, 2026
The timing of this breakthrough is monumental for the Cybercab program. As Tesla officially launched the first Cybercab rides to the public earlier this month, production of the ride-hailing-geared vehicle is moving forward on the planned S-curve that CEO Elon Musk told everyone to expect.
Nevertheless, packs of Cybercab units have been spotted throughout the United States, in an effort to potentially activate the fleet as soon as the company gains regulatory approval in various geographic areas.
On top of that, Tesla owning the cathode step and pairing it with its own in-house lithium from the Gulf Coast refinery shortens the supply chain that once stretched thousands of miles and subjects every pack to fewer external price shocks and geopolitical risks.
Tesla is not yet independent of all of its foreign suppliers, as some precursor metals come from mines and chemical plants. But the first in-house cathode Cybercab shows the company is closing the most expensive and most concentrated gap in its battery production efforts. For a vehicle like Cybercab to operate at a high utilization within the Robotaxi network, that control over cost is so crucial.
It is arguably as important as the software that drives it.
Tesla is set to inaugurate its dedicated Semi factory in Sparks, Nevada, this evening, but drone footage has already started to show who is expected on the handover stage.
Zanegler, a drone operator who regularly documents Tesla Semi operations in Nevada, filmed a row of new-generation Semi units parked outside of the plant with customer branding applied. The liveries visible in the video include companies like PepsiCo, U.S. Foods, Einride, DHL, WattEV, and others that have committed to utilizing Tesla’s Class 8 electric truck in their fleets.
Tesla Semi Pre-Reveal Revealed!
Excited to share this segment of the drone flight one day prior to the Tesla Semi Reveal event.
They have added branding to several Tesla new generation semis.
Including:
Pepsico
US Foods
Einride
LTS
Nevoya
OK Produce
ABF Freight
DHL
WattEV… pic.twitter.com/KoFOg2FouR— Zanegler (@HinrichsZane) September 24, 2026
Several of those company names already sit within Tesla’s public ordering book, including PepsiCo, which has been the program’s primary anchor customer since the first Semi deliveries in December 2022. PepsiCo now runs dozens of Tesla Semi units in daily service, with drivers completing regional routes.
Einride placed a 500-unit order in August, which was, at the time, the largest single Semi commitment. First deployments of their Semi units are planned for this month and will eventually span across California, Texas, New Jersey, Illinois, and Georgia. Meanwhile, IMC Logistics announced a 50-truck California order this week.
Tesla Semi lands the biggest electric truck deal in U.S. history
Other names, like LTS, OK Produce, and HMD, have not been widely confirmed as firm buyers, but their presence on the lot is perhaps the clearest signal that Tesla intends to expand on that list this evening at the event.
Tesla first unveiled the Semi back in 2017 with a 2019 production target.
Limited pilot builds reached PepsiCo in late 2022, and high-volume production began at the new 1.7-million-square-foot plant that sits logically positioned next to Tesla’s Gigafactory Nevada. Tesla Semi program director Dan Priestley has said that Tesla expects to build “many thousands” of Semi units this year, but as with every Tesla release, there have been set expectations of an S-curve ramp.
Outside estimates still put 2026 deliveries in the 5,000-to-15,000 range, but it will ultimately depend on Tesla’s readiness to put those units out, as well as how smoothly production is moving internally.
Tesla’s Semi Rollout event is set to start tonight at the Sparks factory, and it will be livestreamed on X starting at 6 p.m. PDT / 9 p.m. ET.
The Tesla App is now giving owners a better indication of what to expect when visiting a Supercharger site, as it is now sharing Site Maps in the app itself, making the feature no longer exclusively available in the car.
Tesla owners can now preview a Supercharger’s layout and live stall status from their phone thanks to the App’s new software version, v4.61.0. Zooming into a supported Supercharger on the charging map now switches the familiar street view into a site-specific map that shows stall positions, occupied bays, out-of-service posts, and a live count of open Superchargers.
It will even show you which specific Tesla model is charging at each occupied stall.
You can now see Live Site Maps in the latest Tesla app (4.61.0.) pic.twitter.com/JIL8QzR8hu
— Zack (@BLKMDL3) September 18, 2026
This is the same view drivers first saw inside the car with the 2025 Holiday Update, which started as a pilot for Tesla in California and Texas. Those early maps showed layout, nearby amenities, and the status of each operational stall. The feature has spread to most Superchargers in the U.S., but now Tesla wants the feature available through the Smartphone App, which is now rolling out to owners.
The in-vehicle screen maps remain a richer 3D canvas and originally required AMD Ryzen infotainment hardware, which left many Intel-based Model 3 and Model Y owners without the view. The app version removes that hardware barrier, so any owner can now get a preview of their upcoming Supercharger stop on their phone.
Anyone with the updated version of the app can open a Site Map on their phone. The feature has provided some additional peace of mind to anxious travelers and those who might be looking for a place that is less congested for faster charging speeds. It is a meaningful addition to many owners, especially for trips to unfamiliar locations.
You can now pick a Supercharger location that might be more aligned with what you are looking for or need: you can pick a site based on what stalls are open, where ADA stalls sit, how you will pull in, and more, instead of circling a crowded lot after arriving. Owners of older cars now have access to the feature without having to purchase a new vehicle altogether.
Site Mpas will not reserve a stall, nor will it change how Fast Charging works. Tesla does something simpler and more useful by giving owners a dedicated preview of the Supercharger they’re about to charge, turning an unknown parking lot into a place that may seem more familiar thanks to the preview.
Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.
Tesla Cybercab gets initial tie-in to localized, in-house cathode plant
Tesla leaks Semi customers ahead of handover event
