Rivian’s Q2 revenue is above estimates, and annual production targets remain

Rivian R1T and R1S
Credit: Rivian

In what can only be described as positive news, Rivian’s Q2 numbers were not bad.

As per reporting by CNBC, the automaker exceeded expectations in revenue, bringing in $364 million for the quarter.

Rivian also exceeded expectations with an adjusted share loss of $1.62.

However, the company did post a net loss for quarter two of $1.7 billion.

The company still has around $15.5 billion in cash and equivalents and is confident it has enough cash to fund its operations through its launch of the R2 at its second facility.

This can be all seen as positive, as can the released numbers around production and orders.

On Thursday, Rivian confirmed that the company has 98,000 pre-orders for the R1 and R1S, up around 8,000 from May.

Furthermore, the company confirmed that it delivered 4,467 vehicles during quarter two.

However, what is a bit of a surprise, Rivian did not cut expectations in terms of production.

Rivian still expects to produce around 25,000 vehicles in 2022.

Although this is all good news, the company is preparing to lose more money than expected for the year.

Initially, Rivian expected to lose around $4.75 billion, but it now looks closer to $5.4 billion.

At least to say, Rivian continues to struggle a little, but the automaker is starting to ramp up production, and their recently opened service centres are a good sign they are building momentum.

About Scott Nordlund 1246 Articles
Originally from the West Coast, Scott is an avid writer & EV enthusiast now living in Ottawa. He holds a MA in Political Science and once played professional football in the German Football League. Email scott@driveteslacanada.ca