Rivian Automotive Inc ($RIVN.US$) shares are trading lower Wednesday on the heels of the company's second-quarter financial results. Here's what you need to know.

What Happened: Rivian reported second-quarter revenue of $1.16 billion, beating analyst estimates of $1.13 billion, according to Benzinga Pro. The EV maker reported a quarterly loss of $1.46 per share, missing estimates for a loss of $1.21 per share.

Rivian said it produced 9,612 vehicles and delivered 13,790 vehicles in the second quarter. Rivian noted that it's making good progress on technical workstreams to prepare for the integration of its electrical architecture and software technology stack into Volkswagen products. The company said it expects to close the joint venture in the fourth quarter of this year.

"The second quarter has been a defining one for Rivian. We have demonstrated strong execution during the quarter with the plant retooling upgrade and launch of second generation R1 vehicles," said RJ Scaringe, founder and CEO of Rivian.

"The output from our joint venture will see Rivian's technology in vehicles all around the world, helping to create more consumer choice and speed up the transition away from fossil fuels."

The Road Ahead: Rivian reaffirmed "all aspects" of its guidance for the year, which includes production guidance of 57,000 vehicles. The company said it plans to launch the R2 vehicle in the first half of 2026.

Following the print, Needham analyst Chris Pierce maintained Rivian with a Buy rating and lowered the price target from $20 to $18.