VARIABLE INTEREST ENTITIES

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES

Rivian and VW Group Technology, LLC

In November 2024, the Company established Rivian and VW Group Technology, LLC with Volkswagen Group as a joint venture with a focus on software, electronic control units and related network architecture design and development.

The 50% equity interests held by Volkswagen Group and its corresponding portion of net income are reflected in stockholders’ equity on the Condensed Consolidated Balance Sheets as “Non-controlling interest” and in the Condensed Consolidated Statements of Operations as “Net income attributable to noncontrolling interest”, respectively. As of December 31, 2024 and March 31, 2025, the assets of the Joint Venture were approximately $250 million and $572 million, respectively, primarily comprised of cash. As of December 31, 2024 and March 31, 2025, the liabilities of the Joint Venture were approximately $155 million and $471 million, respectively, primarily comprised of the current portion of deferred revenue.