Valued at a market cap of $22 billion, electric vehicle manufacturer Rivian has underperformed the broader markets in recent years.
Down 80% from all-time highs, the EV maker beat Wall Street revenue consensus estimates in Q2 and surprised investors with a lower capital spending forecast
For Rivian (RIVN), the announcement comes at a pivotal moment as its second vehicle, the R2, starts reaching customer driveways. Rivian cuts 2026 capital spending guidance Rivian lowered its 2026 capital expenditure guidance to a range of $1.7 billion to $1.8 billion, down from an earlier forecast of $1.95 billion to $2.05 billion. The company also narrowed its expected adjusted losses to between $1.8 billion and $2 billion, tighter than its prior range of $1.8 billion to $2.1 billion.
Rivian pointed to project efficiencies and better spending timing as the reason for the $250 million reduction at the midpoint. Notably, the company still confirmed its delivery target of 65,000 to 70,000 vehicles for the year, a number it had already raised earlier this summer. According to CNBC, in Q2: – Rivian reported revenue of $1.66 billion, above estimates of $1.51 billion. – The company’s adjusted loss of $0.47 per share also beat estimates of a loss of $0.63 per share.