Rivian Automotive reported a significant net loss of $1.46 billion in the second quarter of 2024, leading to a sharp decline in its stock price, down 7% after-hours. The electric vehicle maker is facing financial challenges, with losses amounting to 39% of each vehicle's sales price. The company's CFO disclosed that the gross profit loss per vehicle was approximately $33,000, including $15,000 in depreciation and amortization expenses and $1,200 in stock-based compensation. Rivian's average vehicle selling price dropped by 5.2% in the second quarter. Despite these setbacks, Rivian reaffirmed its 2024 production guidance of 57,000 units and expects to achieve gross profitability by the fourth quarter. The company also anticipates higher output in 2025, despite a planned plant shutdown. Rivian's joint venture with Volkswagen, which includes a $1 billion initial investment, aims to develop next-generation software-defined EV platforms, potentially reaching $5 billion. The company's research and development spending for the quarter was $428 million. Rivian is focused on cost reductions and increasing revenue per vehicle to improve its financial performance.