Rivian raises full-year delivery forecast to 67,500 vehicles after exceeding Q2 production targets despite a $27 billion accumulated deficit.
Rivian Automotive (RIVN) reported stronger-than-expected Q2 production, delivering 12,194 vehicles and producing 12,613, surpassing its guidance of 11,000. The company raised its full-year delivery outlook to 67,500 from a prior midpoint of 64,500, signaling confidence in scaling output despite industry headwinds.
The stock, which peaked at over $170 during its 2021 IPO and reached a $150 billion market capitalization, now trades below $20, reflecting a 90% decline from its all-time high. Rivian’s accumulated deficit stands at $27 billion, underscoring persistent losses as it invests in vertical integration and EV technology.
Management attributed the production increase to improved manufacturing efficiency, though the company remains unprofitable amid high capital expenditures and a competitive EV market.