RIVN: Rivian Picks Up $1.1bn Revenue and Boosts Forecast. Investors Go Mild.

A narrower Q2 loss coupled with more units to roll off the assembly line didn’t help the stock move an inch.

• EV startup Rivian beat second-quarter earnings estimates with a loss of $1.08 a share, against an expected $1.41 per-share loss. Overall, the company burned through $1.2bn for the quarter, compared with a $1.7bn cash incineration from a year ago.
• The good news: revenue surged to $1.1bn from $364mn in the year-ago quarter, in large part due to the delivery of roughly 12,640 cars. With some supply-chain issues clearing up, Rivian ramped up its 2023 production forecast by 2,000 to 52,000 cars. The company’s stock RIVN didn’t show any sign of life as the ticker stayed flat after the update.
• Rivian has long been revving up as a competitor to EV kingpin Tesla. But the field of electric-car companies is getting crowded as legacy automakers join the race for eco-friendly, zero-emission future. Throw in the mix fast-rising rivals from the East with China’s BYD forging ahead on a 400% year-over-year profit jump for the March quarter.