Rivian reported a net loss of $1.46 billion in the second quarter, over 20% higher than last year. The EV startup reiterated the objective to achieve a modest gross profit in the fourth quarter, as well as all previously announced targets.
After announcing higher-than-expected deliveries in the second quarter, Rivian unveiled the financial data for the same period. Although the numbers were slightly better than Wall Street's expectations, they are not necessarily good, as the EV startup losses widened during the quarter. To be fair, the result was already anticipated and priced in, considering that the investments and factory overhaul are yet to bear fruit. Rivian only expects the second-generation R1 platform optimizations to offer tangible benefits in the second half of the year.
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