Rivian Shares Drop Despite Q2 Beat and Raised Guidance; Lucid Also Falls
Despite reporting better-than-expected second-quarter results, Rivian (NASDAQ: RIVN) shares fell by 8% in a classic 'sell-the-news' reaction. The company reported $1.66 billion in revenue—surpassing the estimated $1.54 billion—and achieved a gross profit of $179 million versus an expected $71 million, while also raising its full-year delivery guidance to between 65,000 and 70,000 units. The decline was attributed in part to recent equity dilution from a $1.3 billion raise and ongoing costs related to the ramp-up of R2 production. Additionally, Rivian's stock had risen after hours on Thursday following the report, prompting traders to book profits. Lucid (NASDAQ: LCID) also fell 6% despite no company-specific news, likely due to broader weakness in electric vehicle stocks. The Global X Autonomous & Electric Vehicles ETF remained flat as chipmakers like NVIDIA and Qualcomm dominate its holdings more than pure-play EV brands.
Topics: EV stocks Lucid Q2 earnings beat Rivian