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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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Tesla hired over 1,000 factory workers for its Semi program in NV: report

The update was initially reported by Insider, which cited three people reportedly familiar with the matter.

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Credit: Tesla Semi/X

Tesla seems to be putting a lot of effort into growing its Semi team. As per recent reports, the company has hired over 1,000 factory workers in Nevada for its Semi program.

The update was initially reported by Insider, which cited three people reportedly familiar with the matter. 

Bigger Semi Team

As per the publication’s sources, Tesla has reportedly hired over a thousand new factory workers for the Semi program in Nevada. The hiring ramp is reportedly part of the company’s efforts to fulfill the orders for the Semi, which have been accumulating for years.

To help the new members of the Semi team, Tesla has reportedly brought in the new workers to Giga Nevada for training and tours over the past months. These efforts are quite a notable update for the Semi program, the publication’s sources claimed, since less than 100 factory workers were reportedly assigned to the Class 8 all-electric truck until recently.

Tesla has not issued a comment about the matter as of writing.

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Tesla Semi Jobs and Updates

Insider’s report came amidst a hiring ramp in Tesla’s Careers website. As per previous reports, Tesla’s Careers website has uploaded over 80 positions related to the Semi program. The positions are varied, with listings being posted for engineering-related roles in Palo Alto, California, to manufacturing-related roles in Sparks, Nevada, and vehicle service-related roles in Sacramento, California. 

Tesla also shared a recent video of the ongoing progress of the Semi factory’s construction near Giga Nevada. As per Tesla Semi program lead Dan Priestley, the company has spent the last few months building the facility’s shell, so efforts are now underway to equip the factory with production equipment. The Tesla executive also reiterated the company’s target of producing 50,000 units of the Semi annually from its Nevada factory.

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Elon Musk jokes he will join Mr Beast’s “100 Men vs 1 Gorilla” challenge

It’s a good sign, if any, that the overworked Musk is becoming a bit more lighthearted again.

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Credit: Elon Musk/X

Following the first quarter Tesla earnings call, CEO Elon Musk seems to have become a bit more relaxed—relaxed enough to joke about fighting a gorilla with 99 other people, at least.

It’s a good sign, if any, that the overworked Musk is becoming a bit more lighthearted again and not too busy picking fights with politicians on social media.

The Viral 100 Men vs 1 Gorilla Challenge

Over the weekend, a post on social media platform X went viral. The post itself was quite simple, with user @DreamChasnMike stating that he thinks 100 men could beat one gorilla. “Everybody just gotta be dedicated to the sh*t,” the X user joked. The post exploded on the platform, garnering 284 million impressions as of writing.

The silly question also triggered a massive debate about whether 100 men would really stand a chance against a literal gorilla. Some users even lamented that the premise was a sign of male hubris. Nevertheless, the question proved to be a fun topic on X, with some more dedicated users even posting simulated videos of what the “100 Men vs 1 Gorilla Challenge” could look like. 

Mr. Beast and Elon Musk Join In

The premise is quite similar to other viral videos from noted YouTube creator Mr. Beast, so it was no surprise that edited images of Mr. Beast YouTube thumbnails with “100 Men vs a Gorilla” also started spreading on the social media platform. Mr. Beast, who tends to be game to such silly ideas, actually reposted the edited image, joking “Need 100 men to test this, any volunteers?”

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In true Elon Musk fashion, the Tesla and SpaceX CEO noted that he would join the challenge. “Sure, what’s the worst that could happen” Musk wrote in his post on X. Musk’s reply triggered quite a few laughs on X, with some stating that the world probably still needs the CEO.

While silly, Musk’s comment and his recent, more frequent posts about his companies’ products like Starlink and Grok have been received well by his supporters. Over the past months, after all, Musk has been very political and quite confrontational on social media. With Musk soon taking a step back from the Department of Government Efficiency’s (DOGE) daily operations, however, it seems like X will soon get a more tempered and lighthearted Elon Musk once more.

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Big Tesla win? Sec Lutnick says cars with 85% domestic content will face zero tariffs

That’s a big competitive advantage for Tesla’s best-selling vehicle.

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Credit: Tesla Europe & Middle East/X

It appears that Tesla may see itself with a notable advantage in the United States.

This is, at least, as per recent comments from United States Commerce Secretary Howard Lutnick.

Lutnick’s Comments

In recent comments to reporters, Lutnick stated that vehicles finished in the United States with 85% domestic content will have no tariff applied, as noted in a report from The Guardian. Automakers that meet this threshold stand to gain an advantage in the U.S. auto sector, especially considering the Trump administration’s aggressive tariffs.

As per Lutnick, the administration’s auto tariffs will apply to foreign carmakers that are building their vehicles in the United States. “This is ‘finish your cars in America and you win’,” Lutnick stated.

Big Tesla Advantage

Lutnick’s comments were received positively by Tesla watchers on social media, many of whom noted that the threshold would probably be met only by the electric vehicle maker’s cars. Teslas that are sold in the United States are built in the United States, and they have consistently ranked among the most American cars in the country for several years running.

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Back in December, for example, American University’s Kogod School of Business released its Made in America Auto Index, which explores the total domestic content of vehicles that are available for purchase today. In its rankings, only three vehicles received a total domestic content score of 85% or higher—the Tesla Model Y, Model Y Long Range, and the Model 3 Performance.

The two Model Y variants received a total domestic content score of 85%, while the Model 3 Performance had a total domestic content of 87.5%. If Secretary Lutnick’s comments are any indication, these three vehicles would be subjected to zero tariffs. This bodes well for Tesla, as the Model Y is the company’s best-selling vehicle by a notable margin.

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