Rivian Posts Q2 Revenue above Estimates

EV maker Rivian reported Q2 revenue higher than expected but said investors should now expect a wider loss and lower capital expenditures than it had previously forecast.

The automaker published its revised guidance within its second-quarter earnings report, telling investors that it expects to lose a whopping $5.45 billion in 2022, up from the $4.75 billion estimate it shared three months earlier. The company attributed this to several factors, including “supply chain challenges” and “raw material inflation.”

In Q2, Rivian lost $1.71 billion and delivered 4,467 vehicles. Those deliveries include the automaker’s SUV and truck, as well as the delivery vans it builds for Amazon.

However, in Q2, Rivian cruised past analysts’ expectations on revenue, bringing in $364 million in, which is $26 million more than analysts anticipated. Demand for the EV firm’s SUVs and trucks also kept climbing; its backlog of preorders hit 98,000 at the end of June, Rivian told investors.

As the global recession looms, Rivian, among many other companies, started laying off its workforce as part of a restructuring plan.