Rivian has reported its second-quarter earnings this week, following the company recently getting its first payment as part of a $5 billion investment from Volkswagen.
On Tuesday, Rivian held its Q2 2024 earnings call as shared on its Investor Relations page. The company’s second-quarter financial results included a total revenue of $1.16 billion, an adjusted negative gross profit of -$451 million, operating expenses of $924 million, and a net loss of $1.46 billion.
Rivian also reported ending the second quarter with $5.76 billion in cash, including the initial $1 billion convertible note from Volkswagen, along with an earnings per share of negative $1.13.
“The second quarter has been a defining one for Rivian,” said CEO RJ Scaringe. “We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles. The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities. As a testament to our industry-leading technology stack, we also recently announced our proposed JV with Volkswagen Group.”
Last month, Rivian reported that it had delivered 13,790 vehicles in Q2, producing 9,612 units at its factory in Normal, Illinois. Rivian also reported Q1 net losses of $1.45 billion, and a total revenue of roughly $1.2 billion.
Per these numbers, Rivian lost roughly $32,705 for each EV it sold, a slight improvement from the roughly $38,784 lost per EV sold in Q1, and $43,372 in Q2.
The remaining $4 billion of Volkswagen’s investment will be subject to completion of certain agreements and achievements, as well as the receipt of certain regulatory approvals. The companies have also announced a joint venture, with the companies set to partner on technology and an EV platform.
Rivian also launched its updated R1 lineup in Q2, featuring an expected 20 percent material cost reduction from the first-generation lineup.
You can view Rivian’s Q2 2024 letter to shareholders here, or check out the company’s webcast by creating an account here.
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Elon Musk
Elon Musk’s Boring Company selected for Universal Orlando tunnel project
The underground transport tunnel is designed to address the persistent gridlock surrounding International Drive.
Elon Musk’s The Boring Company has been selected for a proposed underground transit system connecting Universal Orlando Resort and the newly opened Universal Epic Universe.
The underground transport tunnel is designed to address the persistent gridlock surrounding International Drive.
As noted in a blooloop report, Universal’s Shingle Creek Transit and Utility Community Development District approved a resolution showing its intent to designate The Boring Company as the contractor for the project.
The agreement covers the full scope of the project, from the tunnel’s design, construction, and maintenance. The project has also been described in public documents as a “point-to-point innovative transportation” initiative with a 25-year agreement.
The proposed Boring Company tunnels would directly link Universal’s existing parks with Epic Universe, which sits roughly three miles away from Universal Orlando Resort. Today, buses are the only direct connection between the two destinations.
Project requirements were quite stringent. Bidders were required to demonstrate at least $75 million in bonding capacity, have a minimum of seven years of operational experience, and show prior delivery of a comparable project valued at $25 million or more within the past 15 years. The Boring Company, thanks in no small part to the Vegas Loop, meets these requirements.
The Orlando selection adds to The Boring Company’s growing portfolio of Loop-style systems. In Las Vegas, the Las Vegas Convention Center Loop has transported more than two million passengers in Tesla vehicles through underground tunnels since 2021. The greater Vegas Loop system is also under construction.
For now, residents in the area seem enthusiastic about the upcoming project. In a comment to Fox35, residents noted that the tunnels could improve traffic in the area.
“We are very congested at certain times and certain hours and that would certainly help with people not having to budget their time,” Mary Walters-Clark, a resident, stated. Another resident, Scott Heinz, echoed similar sentiments. “I think it would be a new opportunity to lessen traffic load and good for visitors as well,” he said.
The tunneling startup has started bringing its Loop projects to international locations. It recently signed a memorandum of understanding with Dubai’s Roads and Transport Authority to explore the development of a 17-kilometer underground Loop network beneath Dubai.
Elon Musk
Elon Musk tops Forbes’ list of America’s 250 greatest innovators
The ranking places Musk at the top of modern American innovation.
Elon Musk has been ranked No. 1 on Forbes’ inaugural list of America’s 250 Greatest Innovators. The ranking places Musk at the top of modern American innovation as the publication kicks off a series celebrating the nation’s 250th anniversary.
Forbes described innovation as “the grease in the economic engine” and the force that transforms industries and creates new ones. The publication highlighted that its honorees are not just inventors, but business leaders who successfully bring breakthroughs to market.
Musk, 54, was ranked No. 1 in this year’s list. Forbes noted that he is “the only person in history to have founded (or grown from nearly nothing) five companies, each with multibillion-dollar valuations, each in a different industry.” Those companies include Tesla, SpaceX, Neuralink, xAI, and The Boring Company.
Forbes’ methodology began with nearly 1,000 nominees submitted by its reporters. A panel of judges, including venture capitalist Jim Breyer, journalist Kara Swisher, and strategy expert Rita McGrath, ranked candidates based on creativity, breadth, engagement, disruption, and commercial impact. Artificial intelligence tools, including ChatGPT and Gemini, were also used to assess candidates before editors finalized the rankings.
The publication noted that more than one-third of the list consists of women and people of color, reflecting shifts in innovation and entrepreneurship over time. All individuals listed are also American citizens, though many were born abroad, including Musk himself. Musk was born in Pretoria, South Africa.
Ranked No. 2 is Jeff Bezos, 61, who Forbes credited with upending America’s $7.4 trillion retail industry through Amazon before pioneering cloud computing with Amazon Web Services. The publication highlighted that Bezos now focuses on space exploration through Blue Origin and artificial intelligence manufacturing systems at Prometheus.
At No. 3 is Bill Gates, 70, who helped launch the personal computing revolution and built Microsoft into the dominant force in workplace software. Forbes also highlighted Gates’ reinvention at age 50 as a data-driven philanthropist, including his role in helping eradicate polio from India.
Elon Musk
Tesla Model Y tops California vehicle sales despite Elon Musk backlash
Data from the California New Car Dealers Association (CNCDA) showed the Model Y outsold its nearest competitor by more than 50,000 units.
The Tesla Model Y was California’s best-selling new vehicle in 2025 for the fourth straight year, despite protests against CEO Elon Musk and a changeover to the Model Y’s updated variant that caused a pause in production and deliveries early in the year.
Data from the California New Car Dealers Association (CNCDA) showed the Model Y outsold its nearest competitor by more than 50,000 units, according to KRON4.
The Model Y recorded 110,120 registrations in California in 2025. The second-best-selling vehicle, the Toyota RAV4, posted 65,604 units, followed by the Toyota Camry at 62,324. The Tesla Model 3 ranked fourth with 53,989 sales, ahead of the Honda Civic at 53,085 units.
Despite leading the state, Model Y sales have trended downward year-over-year. Registrations fell from 132,636 in 2023 to 128,923 in 2024, and then to 110,120 in 2025. Overall Tesla sales in California also declined, dropping from 238,589 in 2023 to 202,865 in 2024 and 179,656 in 2025.
The slowdown comes as the federal $7,500 EV tax credit ended, removing a key incentive that had supported electric vehicle demand for years.
“Tesla has a few advantages. Tesla, as a brand, has a status, cache, so I think folks in certain parts of the Bay. Owning a Tesla is a thing. I think that’s breaking down over time, especially given the political controversies surrounding Mr. Musk,” CNCDA President Brian Maas said.
California saw multiple anti-Musk protests in 2025, along with notable reports of consumer-owned Teslas being vandalized and attacked by protesters and activists. The fact that the Model Y and Model 3 remained strong performers in California is then a testament to the quality and value of the two vehicles.
Tesla’s sales of the Model Y and Model 3 might see an increase this year, as the company has announced that it is sunsetting its two more expensive cars, the Model S and Model X. With the Model S and Model X retired, more consumers will likely go for the Model Y and Model 3.
“Maybe the Model S has outlived its usefulness in terms of attracting customers. It’s no surprise the ones they kept are the Model Y and Model 3,” Maas noted.