Rivian Q2 results have arrived

Rivian Automotive Inc. (RIVN) announced its Q2 financial results after the closing bell in the US on Thursday.

The American automaker reported revenue of $364 million vs. estimate of $335.378 million.

The company reported a loss per share of -$1.62 per share vs. -$1.63 per share expected.

”The second quarter of 2022 represented important progress as we delivered against key operational and commercial milestones. We continued to ramp production on our R1 and RCV platform lines, producing 4,401 total vehicles during the quarter compared to 2,553 in the first quarter of 2022. We also rolled out EDV 700s with Amazon in more than a dozen cities in the United States, started production validation builds for the EDV 500, launched our fast charging Rivian Adventure Network, and initiated our new consumer vehicle reservation system. We remain focused on fully ramping our 150,000 installed annual units of capacity in Normal, Illinois to meet the strong demand for our products. Our net consumer pre-order backlog as of June 30, 2022 was approximately 98,000 and momentum continues to increase,” the company said in a letter to shareholders.

”In the second quarter of 2022, we produced 4,401 vehicles. Our equipment, people, systems, and supply chain continue to show progress as we work towards our 2022 production guidance of 25,000 units. Supply chain continues to be the limiting factor of our production; however, through close partnership with our suppliers we are making progress. We expect to be able to add a second shift for vehicle assembly towards the end of the third quarter.”

Rivian Automotive Inc. (RIVN) chart

Shares of Rivian were up by 4.14% at the close of trading on Thursday at $38.89 a share.

Here is how the stock has performed year-to-date:

• 1 month +26.34%
• 3 months +60.29%
• Year-to-date -62.44%

Rivian price targets

• HSBC $28
• Mizuho $48
• Citigroup $41
• Morgan Stanley $31
• B of A Securities $26
• UBS $32
• Barclays $34

Rivian is the 518^th largest company in the world with a market cap of $34.01 billion.

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Sources: Rivian Automotive Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap