Rivian Posts $472M Q1 EBITDA Loss, Expands Georgia Capacity 50% to 300K
Rivian posted a $472 million adjusted EBITDA loss in Q1 driven by higher operating expenses. It elevated Georgia plant capacity 50% to 300,000 units, began R2 production halving R1 bill-of-materials costs and secured up to $950 million from Uber to accelerate autonomy.
1. Q1 Financial Results
Rivian recorded a $472 million adjusted EBITDA loss in the first quarter, driven primarily by increased operating expenses and the anticipated complexity of launching a new vehicle. Management expects automotive gross profit to remain under pressure in Q2 and Q3 before improving in Q4.
2. Georgia Plant Expansion
The company increased production capacity at its Georgia facility by 50%, targeting an annual output of 300,000 units. A $4.5 billion Department of Energy loan will support this expansion and enhance cost efficiency as volume ramps.
3. R2 Model Launch and Cost Structure
Rivian has commenced production of its R2 model, designed as a five-passenger SUV with a bill-of-materials cost roughly half that of the R1 platform. Structural cost reductions on the R2 are expected to improve margins as demand builds in the crossover segment.
4. Uber Partnership and Autonomy Strategy
Rivian secured up to $950 million from Uber to fund its autonomy goals, with a $250 million tranche unlocked by deploying vehicles with safety drivers in San Francisco and Miami later this year. Full multi-city deployment by 2028 will release the remaining $700 million, advancing point-to-point capabilities.