Rivian’s Lifeline Is Volkswagen’s $5 Billion Gamble
During the company’s Q2 earnings call, Rivian reported a 41% improvement in its cash flow from operations compared to the first quarter, but still lost a staggering $1.46 billion, which is $300 million worse compared to last year’s quarter. Although the securities filing shows that Rivian projects a net loss of $2.7 billion in 2024, Rivian is also targeting to reach its first-ever positive gross margin before 2024 comes to a close.
Saudi Arabia’s Public Investment Fund Has Lucid’s Back
Also for the second quarter, Lucid Group reported a net loss of $643 million which is a slight improvement compared to 2023’s quarter when the luxury EV maker reported a loss of $764 million. But, thanks to its majority shareholder bringing in an additional $1.5 billion, Lucid secured the extension of its lifespan.
Meanwhile, innovations on the EV front keep on coming.
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