The EV maker narrowed its adjusted loss guidance and reduced capital expenditure plans for 2026 amid production ramp-up.
Rivian Automotive lowered its 2026 spending outlook and tightened its 2024 adjusted loss forecast to $1.8 billion-$2 billion from $1.8 billion-$2.1 billion. Capital expenditures were revised down to $1.7 billion-$1.8 billion from $1.95 billion-$2.05 billion.
The company maintained its delivery target of 65,000-70,000 vehicles for the year, citing strong demand for its electric delivery vans and R1 models. Second-quarter revenue reached $1.65 billion, slightly above pre-released expectations of $1.55 billion-$1.65 billion.
Rivian attributed the $250 million reduction in capital spending to project efficiencies and timing adjustments, while continuing investments in new technologies like its hands-free driving system.