Rivian partners with Progressive

Rivian Insurance, the agency of EV manufacturer Rivian , is now appointed with Progressive , in addition to Nationwide and Cincinnati Insurance.

Rivian’s flagship vehicles include the R1T, an electric pickup truck, and the R1S, an electric SUV.

The company shared its Q2 2024 results last week, reporting total revenues of $1,158 million for the quarter, primarily from delivering 13,790 vehicles. Despite this, Rivian posted a negative gross profit of $451 million, largely due to high costs, including $59 million in non-recurring expenses related to supplier liabilities and factory retooling. Operating expenses rose to $924 million, contributing to a net loss of $1.46 billion, up from $1.2 billion in Q2 2023. Adjusted EBITDA remained steady at $(860) million. Rivian ended the quarter with $7.9 billion in liquidity, bolstered by a $1 billion convertible note from Volkswagen following the June 25th announcement of a planned joint venture with Volkswagen Group.

Rivian’s commercial van products are primarily focused on the US, but the company has also made some deliveries in Europe, specifically in Germany.