Rivian Cuts Capital Spending Guidance Despite Q2 Revenue Beat
Electric vehicle manufacturer Rivian (RIVN) has lowered its capital spending guidance for 2026, trimming the forecast by $250 million to a range of $1.7 billion to $1.8 billion. The company also narrowed its expected adjusted losses and reported better-than-expected Q2 financial results, including revenue above estimates and improved gross profit. Rivian's CEO RJ Scaringe highlighted strong demand for the newly launched R2 model, which is priced lower than previous models and aims to attract first-time EV buyers. The company delivered 12,194 vehicles in Q2, exceeding its own guidance while automotive revenue rose year-over-year. Rivian continues to differentiate itself from Tesla (TSLA) by targeting adventure-oriented consumers and leveraging a commercial fleet partnership with Amazon. It is also pursuing distinct self-driving technology through custom chips and LiDAR sensors.
Topics: capital spending guidance electric vehicles revenue beat