Rivian tops Wall Street’s second-quarter expectations amid cost cut

Rivian Automotive beat Wall Street’s top- and bottom-line expectations for the second quarter as the electric vehicle maker continues to take costs out of its business.

Earnings per share: Loss of $1.13 adjusted vs. loss of $1.21 expected
Automotive revenue: $1.16 billion vs. $1.14 billion expected

The company’s net losses widened during the second quarter to $1.46 billion, or a loss of $1.46 per share, compared with a year earlier of $1.2 billion, or a loss of $1.27 per share.
Its adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA was about level from the same period as a year ago at a loss of $860 million.
Rivian on Tuesday reaffirmed its 2024 guidance of 57,000 total units of production, a loss of $2.7 billion in adjusted EBITDA and $1.2 billion in capital expenditures. It also said it remains on track for a positive gross profit during the fourth quarter.

The second-quarter results come more than a month after Rivian held an investor day that focused on cost-cutting efforts, efficiency gains and in-house technologies and software. The event came days after Rivian announced plans for Volkswagen to invest up to $5 billion in the EV startup, starting with an initial investment of $1 billion.
Shares of Rivian are off 37% this year amid slower-than-expected demand for EVs as well as Rivian’s significant cash burn. The stock closed Tuesday at $14.80, up 1.3%.