American EV makers Rivian Automotive and Lucid Motors released their first-quarter earnings results, each hitting positive markers for the period. Rivian earned another $1 billion in funding from Volkswagen for turning a gross profit. Meanwhile, Lucid hit another vehicle delivery record during the period.
VW CEO Oliver Blume, left, is writing a $1 billion check to Rivian chief RJ Scaringe after the EV maker turned a $206 million gross profit in the first quarter.
While both companies enjoyed a good quarter, Rivian’s second quarterly profit number, $206 million, resulted in a critical piece of the company’s future plans being unlocked: an additional $1 billion from VW. The funds become available June 30.
They’re part of the company’s efforts to expand its vehicle lineup, with the R2S SUV and later the R3 variants. It also allows Rivian and VW to continue their partnership where Rivian will work to provide the German automaker with a new EV architecture, likely to be used on VW’s Scout startup.
“This quarter we hit our second consecutive gross profit and our highest gross profit to date at $206 million,” said Rivian CEO R.J. Scaringe in a statement. “We have continued to make significant progress on R2, including vehicle validation builds underway and our Normal, Illinois manufacturing facility expansion on track.”
Movin’ metal
Lucid set a new first-quarter delivery record of 3,109 vehicles: a 58.1% jump.
Both automakers enjoyed strong manufacturing results during Q1. Rivian produced 14,611 vehicles at its Illinois plant while Lucid produced 2,212 vehicles, delivering 3,109 of those, a 58.1% jump on a year-over-year basis.
“We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities,” said Marc Winterhoff, Interim CEO at Lucid.
“Lucid Gravity is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well positioned for future success.”
However, like other U.S.-based car companies, Rivian revised its delivery outlook for the full-year due to potential tariff-related problems. The company believes it will deliver between 40,000 and 46,000 vehicles in 2025. Lucid offered no revised delivery guidance in its initial earnings report.
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