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Rivian delivers on Q2 revenue, expects loss to widen another $700M



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Rivian is holding on tight to its goal of delivering 25,000 electric vehicles by year’s end, but to get there it now anticipates to burn an extra $700 million.
The automaker tucked the revised guidance within its second-quarter earnings report, telling investors that it expects to lose a whopping $5.45 billion in 2022, up from the $4.75 billion estimate it shared three months earlier. Rivian blamed the hike on several factors, including “supply chain challenges” and “raw material inflation.”
In Q2, Rivian lost $1.71 billion and delivered 4,467 vehicles. Those deliveries include the automaker’s SUV and truck, as well as the delivery vans it builds for Amazon. (Altogether, Rivian delivered 5,694 vehicles during the first half of the year.)
Still, Rivian cruised past analysts’ expectations on revenue, bringing in $364 million in Q2 (or about $26 million more than analysts anticipated, per Yahoo Finance). Demand for the EV firm’s SUVs and trucks also kept climbing; its backlog of preorders hit 98,000 at the end of June, Rivian told investors.
The company also announced the addition of former Bosch and Daimler ex …

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