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Rivian pre-announces Q2 2024 vehicle deliveries, reaffirms FY 2024 guidance

Credit: Rivian

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Rivian’s 2024 Investor Day saw the electric vehicle maker provide extensive updates to several of its ongoing projects. Interestingly enough, the company’s presentation for the event also included a pre-announcement for the company’s Q2 2024 vehicle delivery results. 

As per Rivian’s presentation for its 2024 Investor Day event, the company would be able to deliver 13,000-13,300 vehicles this second quarter. As noted by Wall Street veteran Gary Black, a close watcher of electric vehicle maker stocks like TSLA, Rivian was expected to post vehicle deliveries of 10,200 units this Q2 2024. With this in mind, Rivian appears to have exceeded expectations this second quarter. 

Rivian also pre-announced its vehicle production figures for Q2 2024, with the company listing 9,100-9,300 vehicles produced this quarter. This is a bit lower than expectations, as Black noted that Rivian was expected to produce 10,300 vehicles in Q2 2024. Rivian, however, reaffirmed its Full Year 2024 guidance of 57,000 vehicles, which would be quite an accomplishment for the electric truck maker.  

Rivian also seemed optimistic about its chances of seeing positive gross profit later this year. As noted by the company in its 2024 Investor Day presentation, Rivian sees a path to positive gross profit in Q4 2024. Rivian noted that its partnership with the Volkswagen Group is also expected to strengthen its balance sheet even further. 

Long-term, Rivian is also aiming to achieve ~25% GAAP gross margin, adjusted EBITDA margin in the high teens, and ~10% free cash flow margin. 

Rivian’s recent partnership with Volkswagen, which involved the veteran German automaker taking a $5 billion stake in the American electric truck maker, has been received well by some EV watchers on Wall Street. Wedbush analyst Dan Ives, for one, noted that the deal was a “huge win for (Rivian CEO) RJ (Scaringe) and Rivian” since it “takes the biggest bear thesis around capital off the table.” 

Watch a livestream of Rivian’s 2024 Investor Day in the video below. 

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Rivian’s 2024 Investor Day handout can be viewed below.

062724_Rivian_InvestorDay by Simon Alvarez on Scribd

Don’t hesitate to contact us with news tips. Just send a message to simon@teslarati.com to give us a heads up.

Simon is an experienced automotive reporter with a passion for electric cars and clean energy. Fascinated by the world envisioned by Elon Musk, he hopes to make it to Mars (at least as a tourist) someday. For stories or tips--or even to just say a simple hello--send a message to his email, simon@teslarati.com or his handle on X, @ResidentSponge.

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SpaceX marks 500th Falcon launch with Starlink 11-22 Mission  

The Starlink 11-22 mission marks SpaceX’s 500th Falcon flight & 50th Starlink launch of 2025. Will SpaceX IPO Starlink next?

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SpaceX celebrated its 500th Falcon rocket launch with the Starlink 11-22 mission, a midweek flight from Vandenberg Space Force Base in California.

The milestone was achieved with a Falcon 9 liftoff on Wednesday at 4:40 p.m. PDT (7:40 p.m. EDT, 2340 UTC). It also coincided with the 15th anniversary of the first Falcon 9 launch, underscoring the company’s dominance in the commercial space sector. The Starlink 11-22 mission, SpaceX’s 50th Starlink launch of 2025, highlights the company’s focus on expanding its satellite internet constellation.

Earlier this week, Elon Musk revealed SpaceX anticipates $15.5 billion in revenue this year, surpassing NASA’s $1.1 billion budget for 2026.

SpaceX’s reusable Falcon 9 and Falcon Heavy rockets have driven down launch costs, securing a significant share of the global launch market. In 2024, the company set a record with 134 Falcon launches, making it the world’s most active launch operator. SpaceX aims to surpass this with 170 launches by year-end, fueled by growing demand for satellite deployments. The Starlink constellation is a key revenue driver for SpaceX and remains central to these ambitions. Musk has hinted at a future public offering for Starlink without specifying a timeline.

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Beyond Falcon rockets, SpaceX is advancing its 400-foot Starship system, which Musk envisions as critical for Mars missions. The company’s cost-effective launch services and satellite communications have outpaced traditional space agencies, leveraging commercial demand to fund its interplanetary goals. While NASA focuses on deep space exploration, SpaceX’s revenue model thrives on frequent, reliable launches and Starlink’s expanding reach.

“I would like to thank everyone out there who has bought Starlink because you’re helping secure the future of civilization, making life multi-planetary, and helping make humanity a space-exploring civilization,” Musk said during his Road to Making Life Multiplanetary discussion.

The 500th Falcon launch marks a pivotal moment for SpaceX, reflecting its transformative impact on space access. As the company pushes toward record-breaking launch targets and multi-planetary aspirations, Starlink’s growth continues to fuel its vision, positioning SpaceX as a leader in shaping the future of space exploration and connectivity.

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Tesla is missing one type of vehicle in its lineup and fans want it fast

Tesla is missing one vehicle from its lineup and its fans and owners are hoping the company builds it.

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Tesla’s lineup of vehicles has expanded considerably over the last few years. At first, the company offered the Model S luxury sedan, then the Model X luxury SUV, which has the seats but not the space or the affordability that everyone is looking for.

The Model 3 and Model Y are sedan and crossover vehicles that have launched the company into the mass-market category. The Cybertruck brought out the company’s first-ever pickup design, and while it is unorthodox, it is certainly functional.

Tesla Cybertrucks join Jalisco’s police fleet ahead of FIFA World Cup

But there is one thing Tesla is missing in its lineup, and it is a vehicle type that many have waited for and want. The company currently has not announced any plans to produce it, but its fans are loud and persistent, and we’ve even nudged Tesla to consider making it.

It’s a full-size SUV.

This particular segment is dominated by combustion engines currently: Chevrolet Tahoe and GMC Yukon topped sales with 105,756 and 82,304 units sold, respectively. The Ford Expedition is just behind with 62,007 units sold last year. There are a few formidable competitors on the EV side of things, with the Rivian R1S, the GMC Hummer SUV EV, and even the Kia EV9.

However, Tesla has yet to dip its toe into this market, and it seems many of its fans are willing to admit that the company is missing a true “people mover” with enough space to handle a cross-country road trip with a handful of kids.

Why Not the Model X?

The Model X is likely Tesla’s lowest-selling vehicle. It contributes very little to the overall mission of the company, and even CEO Elon Musk once said that it, along with the Model S, is only produced due to “sentimental reasons.”

When it comes to the X, it’s simply not quite what people are looking for in terms of a “full-size SUV.” Instead, it is more of a van/crossover SUV hybrid. It does not have tons of cargo and interior space.

It does have a lot of great tech, a flashy look, and adequate range for that trip with the kids. It’s a great car, and one that Tesla is planning to refine with an upcoming refresh, its second this decade.

However, it falls short of what would qualify as a full-size SUV, especially considering its third row is a little tight, even for younger children.

But it’s not quite what many would consider as what Tesla needs to fill this void in its lineup.

What Could Be Coming?

Many fans say they would like to see a CyberSUV — something built on the Cybertruck platform but in the form of a full-size SUV. This is not totally out of the question, especially considering Tesla has already made it clear the Cybercab would adopt the same sort of aesthetic as the Cybertruck.

However, we can all agree it’s a far cry from what the Cybertruck truly is, and Tesla likely will not build something that’s even close to the pickup. It already admitted it would not adopt the stainless steel exoskeleton for future vehicles in the Q4 2024 Shareholder Deck.

So, if Tesla were to decide to build something that would be in the full-size SUV segment, it wouldn’t look like the Cybertruck.

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Tesla customers are still being targeted by automaker with Musk rivalry

Lucid is still targeting Tesla owners with offers on trade-in allowance.

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lucid air dream edition interior
Credit: Teslarati

Tesla customers are still being targeted by other car companies, who are offering big incentives to trade in their current EVs for a new one.

One company that has not backed off from its trade-in promotion is one with a long-standing rivalry with Elon Musk, because its former CEO-turned-boardmember has a bitter relationship with the frontman.

Lucid is continuing to offer a $4,000 trade-in allowance on Tesla vehicles specifically, an effort that many companies have offered to owners of Musk’s EV brand in an effort to snag away some of those who might be on the fence about switching.

Many companies have offered these types of promotions before, but Lucid’s seems to be an extended one — almost an open invitation. It could have something to do with the rivalry Musk has had with former CEO Peter Rawlinson, who stepped down from his post as the company’s head executive three months ago.

Musk and Rawlinson were at one time co-workers. At Tesla, the two worked on the Model S together. That is, until Rawlinson abruptly left. There are still questions about what his exact job title was there, but Musk refuses to agree with Rawlinson’s claimed title of Chief Engineer of the project, which launched Tesla from niche to more mainstream.

Polestar has been trying to poach Tesla owners for months as well, and it’s no secret why. Musk’s political involvement and his work with DOGE certainly put some Tesla drivers in a tough spot, and some could be willing to give up their cars.

However, the success rates of these promos are unknown.

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