Rivian Shareholder Letter✅:

50K+ Deliveries, Q4 Profit Target, R1 Launch & R2 Progress

Author

John Rooney
November 12, 2024

November 12, 2024

Another Tuesday and a new week begins.  Today we cover:

  • Q3 Rivian shareholder letter

  • Lucid Gravity now available to order

  • Bentley announces Beyond100+ strategic plan

  • Infineon and Stellantis team up

  • Ceer partners with Rimac Technology

  • Lucid announces Q3 financial results

These stories and more below.  Don’t forget to mention this to your friends and hit subscribe while you’re at it! 

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  1. With a reaffirmed 2024 delivery outlook of 50,500 to 52,000 vehicles, Rivian is on track for positive gross profit in Q4, saw a 20% increase in demo drives, launched the high-performance R1 tri-motor, achieved strong Connect+ subscriptions post-trial, and has sourced 85% of the bill of materials for the upcoming R2.

  2. The Lucid Gravity Grand Touring, available for order now with a starting price of $94,900, offers a luxurious and spacious interior for up to seven passengers, over 440 miles of range, and a customizable design on Lucid’s online configurator.

  3. Extending its Beyond100 strategy to Beyond100+, Bentley now aims for a fully electric lineup by 2035, with its first BEV—a luxury urban SUV—due in 2026.

  4. In a strategic collaboration, Infineon and Stellantis are developing an advanced power architecture for Stellantis' EVs to enhance cost, energy efficiency, range, and driver experience, backed by supply agreements for Infineon’s PROFET™ smart power switches, silicon carbide (SiC) CoolSiC™ semiconductors, and AURIX™ microcontrollers.

  5. Ceer, Saudi Arabia’s first EV brand, has partnered with Rimac Technology to supply high-performance electric drive systems for its flagship EV range.

  6. In Q3, 1,805 vehicles were produced and 2,781 were delivered by Lucid Group (up 90.9% from Q3 2023), with $200 million in revenue, $5.16 billion in liquidity, and a $1.75 billion capital raise completed in October to support growth and extend its financial runway.

  7. As an official global partner of the World Athletics Championships Tokyo 25, Honda will provide a fleet of EVs for event transportation.

  8. Kia America has announced pricing for the 2025 Niro EV, with the Wind trim starting at $39,600 and the Wave trim at $44,600, offering enhanced technology features, including standard rear seatbelt pre-tensioners, improved driver assistance systems, and DC fast-charging compatibility.

  9. SWTCH Energy has set a new industry standard with a 97.8% ‘no-exception’ uptime for its EV chargers, offering fully transparent reliability and proactive monitoring to ensure chargers are always available.

  10. The P7+, launched by XPENG, is the world’s first AI-defined vehicle, featuring advanced AI-driven smart driving and cockpit capabilities, industry-leading energy efficiency, and a premium, spacious design aimed at redefining intelligent mobility.

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