Rivian: Q2 Shows Some Progress

Summary:

  • Rivian announced new quarterly records for production and deliveries, while raising its yearly guidance for 2023 production to 52,000 vehicles.
  • Q2 revenues exceed expectations, beating the street by roughly $100 million, and the non-GAAP loss was much smaller than expected.
  • Despite progress, large losses and ongoing cash burn may lead to another capital raise in the future.

Electric Truck Maker Rivian Recalls Almost All Of Its Vehicles Over Steering Issue

Mario Tama

After the bell on Tuesday, we received second quarter results from Rivian (NASDAQ:RIVN), seen in this shareholder letter. The electric vehicle maker has been making steady progress in its production ramp over the past year, but it


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