Rivian Raises Delivery Outlook as R2 SUV Launch Fuels 27% Revenue Jump
RIVN sits 49% above its 52-week low of $11.57.
Summary
Rivian posted Q2 revenue of $1.66 billion, up 27% year-over-year, and narrowed its net loss to $837 million from $1.15 billion a year ago. The company raised its full-year delivery guidance to 65,000–70,000 vehicles, citing early momentum for the new R2 SUV, priced around $58,000. Software revenue surged 37% to $515 million, and adjusted loss guidance improved to up to $2 billion from $2.1 billion. The Q2 results included a double beat on both revenue and earnings, and CEO RJ Scaringe called the R2 a 'game changer.' This follows the July 2 pre-announcement of strong Q2 deliveries and the July 6 preliminary results, but adds concrete R2 launch details and raised guidance. The R2's lower price point could expand Rivian's addressable market amid a 30% industry-wide EV sales decline.
At the time of this announcement, RIVN was trading at $17.27 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $24.4B. The 52-week trading range was $11.57 to $22.69. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.