Rivian targets first-ever profits by the end of 2024

Despite another rocky earnings report, Rivian could be inching towards profitability. In Q2 2024, the pure-play electric vehicle (EV) maker reported a net loss of US$1.46bn, up from US$1.2bn in the same quarter a year prior. This should come as no surprise to investors: Rivian has never turned a quarterly profit since it was founded in 2009. Instead, the automaker has been buoyed by external investors with expectations of a brighter future. Most recently, Volkswagen Group announced it would inject US$5bn over the next three years, beginning in June 2024.