Summary by Moomoo AI
Rivian Automotive, an American electric vehicle manufacturer, reported a significant increase in revenues for the first quarter of 2024, with a rise from $661 million in Q1 2023 to $1,204 million in Q1 2024, marking an 82% increase. This surge was primarily driven by an increase in vehicle deliveries, which grew by 71% to 13,588 vehicles. Despite the revenue growth, the company's net loss widened from $1,349 million to $1,446 million year-over-year. The cost of revenues also rose by 45% to $1,731 million, attributed to higher production and delivery volumes. Operating expenses saw a rise, particularly in selling, general, and administrative costs, which went up by 23% to $496 million. Research and development expenses decreased slightly by 7% to $461 million. Rivian's business development has been marked by the launch of new vehicle platforms...Show More