Rivian narrows quarterly EBITDA loss and lifts guidance midpoint as new SUV deliveries begin
As Rivian Automotive Inc. began deliveries of a new midsize SUV, the “Tesla rival” posted better-than-expected results, a positive sign as the company navigates a soft U.S. electric vehicle market. The company reported second-quarter adjusted EBITDA loss of $379 million, compared with analysts’ expectations for a $548 million loss and a $667 million loss in the same period a year earlier. Rivian raised the midpoint of its EBITDA guidance, helped by stronger-than-expected regulatory credit revenue and higher deliveries, though the improvement was partly offset by rising costs for raw materials, memory chips and logistics. Rivian is betting that its new lower-cost R2 lineup will help it capture a larger share of the EV market. Chief Financial Officer Claire McDonough said, “R2 will be a key catalyst for the growth we expect.” Rivian shares rose 2.9% in after-hours trading. As of Thursday’s close, the stock was down more than 14% for the year.