Rivian Automotive (RIVN, Financial) has secured a $1 billion investment from Volkswagen Group (VLKAF, Financial) after delivering its second consecutive quarter of gross profit.

The company reported a gross profit of $206 million for the quarter, marking its second consecutive period in the black. This achievement unlocked a $1 billion investment from Volkswagen Group under their joint venture agreement. The funding is expected to be finalized by June 30, 2025.

Rivian also narrowed its adjusted EBITDA loss year-over-year and saw improvement in free cash flow, signaling operational progress.

The company produced 14,611 vehicles at its Normal, Illinois plant in the first quarter, delivering 8,640 units, both ahead of analyst expectations.

For 2025, Rivian set a delivery target of 40,000 to 46,000 vehicles and forecast adjusted EBITDA losses between $1.7 billion and $1.9 billion. It also raised its capital expenditure outlook to $1.8 billion to $1.9 billion, citing the impact of evolving trade policies.

The automaker aims to expand its retail footprint to over 35 experiential spaces and 100 service locations by year-end as it ramps up for the R2 launch.