On the Dash:
- Rivian raised its 2026 delivery forecast, signaling early demand for the new R2 SUV.
- The automaker narrowed losses and increased revenue, though profitability remains a long-term goal.
- Affordable EVs continue to outperform the broader EV market as federal incentives remain unavailable.
Rivian reported a narrower net loss for the second quarter, alongside increased revenue, as vehicle deliveries rose and demand for its new R2 SUV surpassed expectations. The EV maker raised its full-year delivery guidance, defying the broader downturn in the U.S. EV market.
While executives noted that the R2 is attracting both first-time EV buyers and customers switching from competing brands, Rivian delivered 12,194 vehicles in Q2, up from 10,365 in Q1 and up 14% from 10,661 vehicles in the same quarter last year. The company also increased its delivery forecast for 2026 to between 65,000 and 70,000 vehicles, up from its previous range of 62,000 to 67,000.
Financial performance improves
The starting price for the R2 is roughly $58,000, with Rivian expecting to release lower-priced trims later this year and next. The net loss for the quarter narrowed to $837 million, compared to about $1.12 billion a year earlier, while revenue rose by 27% to $1.66 billion. Software revenue saw a significant boost, climbing 37% to $515 million.
Rivian also improved its adjusted EBITDA loss guidance, now projecting a maximum of $2 billion, down from an earlier outlook of up to $2.1 billion. CEO RJ Scaringe said the R2 is appealing not only to new EV buyers but also to those transitioning from other brands, suggesting it may help Rivian expand beyond the premium EV segment.
The company is continuing to build its manufacturing plant in Georgia, where Rivian expects to begin producing the R2 in 2028. Additionally, the EV maker is expanding its software and driver-assistance offerings, including the Autonomy+ subscription service. This growth strategy mirrors Tesla’s, focusing initially on premium models before branching out into more affordable options.
