Rivian Automotive backs full-year production guidance, sees positive gross profit in Q4

- Rivian Automotive (NASDAQ: RIVN) holding an investor event following partnership announcement with Volkswagen (OTCPK: VLKAF) - Anticipated production for 2024 at 57,000 units, with 9.1K to 9.3K units in Q2 - Expectation of reduced material costs by 20% due to Gen 2 model introduction, cost downs, and tailwinds - Path to positive gross profit in Q4, positive adjusted EBITDA in 2027, with long-term targets of 25% GAAP gross margin and 10% free cash flow margin - Financial commitment from Volkswagen includes $1.0 billion payment this year, convertible note, equity investments in 2025 and 2026, and debit contribution in 2026 - Shares of Rivian Automotive down 5.56% to $13.90 on Thursday after 23% rally on Wednesday