Rivian shares fell 6.8% following the Q2 report as investors were disappointed by automotive gross margin compression and cautious commentary on the production ramp, overshadowing solid revenue growth and early R2 customer traction.
- Consolidated revenue grew 27% year-over-year to $1.66 billion, driven by higher vehicle deliveries and regulatory credit revenue.
- Automotive gross profit remained negative at a $36 million loss, despite significant improvement from last year's $335 million loss, reflecting ongoing margin pressure from product mix and ramp costs.
- Vehicle production and deliveries exceeded guidance, with 12,613 produced and 12,194 delivered, including initial external R2 deliveries starting in June.
- The company is scaling R2 production cautiously, currently at one shift with plans to add a second by end of Q3, signaling a deliberate but slow ramp.
- Investments continue in autonomy and technology development, with optimism about future monetization but no near-term profitability uplift.
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