Key facts
- Rivian's second-quarter revenue rose 27% to $1.66 billion, surpassing analyst estimates.
- The company delivered 12,194 vehicles in the quarter, with production reaching 12,613.
- Rivian increased its full-year delivery forecast to 65,000-70,000 vehicles.
- Software and services revenue grew 37% to $515 million.
- CEO RJ Scaringe expressed optimism about the R2 SUV's customer interest and conversion rates.
Rivian Automotive surpassed quarterly revenue expectations and enhanced its annual delivery outlook, signaling positive momentum for its lower-priced R2 SUV and expanding software business.
The electric vehicle manufacturer reported a 27% year-over-year revenue increase to $1.66 billion, exceeding the $1.51 billion average estimate from analysts. During the second quarter, Rivian delivered 12,194 vehicles, up from 10,661 in the same period last year, with production reaching 12,613 units at its Illinois facility.
Rivian raised its full-year delivery forecast to between 65,000 and 70,000 vehicles, previously set at 62,000-67,000. The company also reduced its projected capital spending to $1.7 billion-$1.8 billion from $1.95 billion-$2.05 billion, anticipating a smaller adjusted core loss.
CEO RJ Scaringe highlighted strong customer interest and a high conversion rate for reservations of the R2 SUV, which began customer deliveries in the second quarter. The company expects positive gross margins on the R2 in the latter half of the year. Software and services revenue saw a 37% increase, reaching $515 million, partly due to its joint venture with Volkswagen, underscoring the growing significance of software licensing as a revenue diversification strategy.
