Rivian Q2 revenue grows 27% year-on-year with positive gross profit; R2 SUV delivery begins

Glonghui July 31｜Electric vehicle manufacturer Rivian announced its second quarter results: revenue grew 27% year-on-year to $1.66 billion, exceeding the market expectation of $1.5 billion; gross profit reached $179 million, turning from a loss to a profit; loss per share was $0.47, better than the market expectation of a $0.67 loss per share. Starting June 9, Rivian began delivering its R2 SUV to external customers, significantly boosting delivery numbers for the quarter. The company delivered 12,194 vehicles and produced 12,613 vehicles at its Normal, Illinois manufacturing facility. Looking ahead to the full year, Rivian narrowed its adjusted EBITDA guidance and now expects the loss to be between $1.8 billion and $2 billion, compared to the previous estimated loss of $1.8 billion to $2.1 billion; it reaffirmed its full-year delivery target of 65,000 to 70,000 vehicles.