Electric vehicle maker Rivian Automotive reported second-quarter revenue of $1.303 billion, beating analyst expectations of $1.29 billion, according to Benzinga Pro. The company posted an adjusted loss of 97 cents per share, missing estimates for a 76-cent loss. Rivian delivered 10,661 vehicles during the quarter and produced 5,979, as production remained constrained. The company also highlighted a $1 billion equity investment from Volkswagen Group as of June 30. Rivian CEO RJ Scaringe said the company made significant progress in developing and testing its upcoming R2 vehicle this quarter. He added that the Normal, Illinois facility expansion is nearly complete, with manufacturing equipment now being installed for production. The company reaffirmed its 2025 delivery target of 40,000 to 46,000 vehicles.
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