Rivian’s financial losses have crept up as it pushed out the last of its first-generation R1 trucks and SUVs in favor of newer, more cost-efficient versions — a sign of just how much the company could use the $5 billion it could get as part of a recently announced deal with Volkswagen Group.

The company announced Tuesday that it lost $1.46 billion in the second quarter of 2024, up from a first-quarter loss of $1.45 billion. The loss was nearly $300 million worse than the second quarter last year.