Rivian Trims 2026 Budget While Reporting Strong Q2 Earnings Growth

WHO:

CNBC - Rivian Automotive is the company involved in the report.

Electrek - Rivian's first vehicle priced under $50,000 is the R2.

WHAT:

CNBC - Rivian reported adjusted losses between $1.8 billion and $2 billion for the year, down from a previous forecast of $1.8 billion to $2.1 billion.

CNBC - Rivian's capital expenditures are now projected to be between $1.7 billion and $1.8 billion, reduced from $1.95 billion to $2.05 billion.

CNBC - Rivian confirmed a delivery target of 65,000 to 70,000 vehicles.

Electrek - Rivian's revenue for the second quarter reached $1.658 billion, up 27% year-over-year.

Electrek - Rivian reported a gross profit of $179 million, marking an 11% margin.

Electrek - Rivian produced 12,613 vehicles and delivered 12,194 in the second quarter.

Electrek - Rivian's automotive revenue was $1.143 billion, up 23% year-over-year, with $108 million coming from regulatory credits.

Electrek - Rivian reported an $837 million net loss, or $0.63 per share, narrowing from a $0.97 per-share loss a year ago.

WHERE:

Electrek - Rivian began delivering the R2 to customers on June 9.

WHEN:

CNBC - Rivian's second-quarter results were reported on a Thursday.

Electrek - Rivian started delivering the R2 on June 9.

WHY:

CNBC - The reduction in capital spending was enabled by "project efficiencies and timing of spend."

Electrek - Rivian absorbed roughly $100 million in extra cost of revenue in the quarter from bringing the R2 line up to speed.

HOW:

CNBC - Rivian's financial performance was compared to average estimates compiled by LSEG.

Electrek - Rivian hosted more than 57,000 demo drives during the quarter, a company record.

(UPDATED July 31, 2026 06:06 UTC)

Rivian Automotive has reported adjusted losses between $1.8 billion and $2 billion for the year, which is an improvement from their previous forecast, while also confirming a delivery target of 65,000 to 70,000 vehicles. In the second quarter, Rivian generated revenue of $1.658 billion, marking a 27% increase year-over-year, and produced over 12,000 vehicles, with deliveries of 12,194. The company has also begun delivering its first vehicle priced under $50,000, the R2, which started reaching customers on June 9.