Rivian Automotive reported Q2 results late Tuesday. Rivian stock fell Wednesday after climbing at the open. Elsewhere, Li Auto comfortably beat Q2 earnings forecasts early Tuesday and guided higher electric vehicle sales.
Irvine, Calif.-based automaker Rivian produces electric trucks, sedans and commercial vans, competing with the likes of Li Auto, Tesla and BYD.
Rivian reported an adjusted loss of $1.08 per share while revenue roughly tripled to $1.12 billion.
For the second quarter, analysts expected Rivian to report an adjusted loss of $1.41 per share, improving from a loss of $1.62 per share last year. FactSet guided a 177% revenue gain, to around $1.02 billion. Production and deliveries grew by 50% and 60%, respectively, compared to last quarter.
Rivian topped estimates for its second-quarter delivery report in early July. The company delivered 12,640 vehicles in the second quarter, compared to Wall Street estimates of 11,000 deliveries. Rivian raised its full-year production guidance to 52,000 vehicles in its earnings beat. The company guided 50,000 vehicles for the year in its delivery report.
The company said it expects to reach a positive gross profit in 2024. For fiscal 2023, Rivian expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to be a loss of $4.2 billion. It lowered its capital expenditures forecast to $1.7 billion for 2023 after shifting the timing of some expenses into next year. Rivian previously guided $2 billion in capital expenditures for the year.
On June 20, Rivian announced it signed a deal to use Tesla's supercharging stations beginning in 2024. Ford and General Motors have also signed charger agreements with Tesla.
Rivian reported a less-than feared loss for its first quarter results in early May.
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Rivian Stock
RIVN stock fell 9.9% Wednesday after surging 2.5% shortly after the opening bell. Rivian climbed 2.1% during market hours Tuesday. Shares retreated 3.9% to 24.28 on Monday.
Rivian stock has bolted about 21.3% higher so far this year. Shares are down 19% in August, following a three-month rally.
