Rivian reports Q3 revenue growth driven by R2 SUV sales

Rivian reported third-quarter revenue of approximately $2.16 billion, a 38% increase compared to the previous year, exceeding Wall Street expectations. The company achieved record production and delivery numbers, with 19,751 vehicles built and 19,248 delivered during the quarter.

The new R2 entry-level SUV has become the company’s best-selling model, surpassing the R1 series and Amazon electric vans in its first full quarter of sales. To meet demand, Rivian has implemented a second production shift at its facility in Normal, Illinois.

Despite the revenue growth and improved delivery guidance, Rivian continues to face net losses, reporting a net loss of $913 million for the quarter. The automotive segment reported a gross loss of $80 million, which the company attributed to approximately $120 million in additional costs related to the R2 production ramp-up.

Additionally, CEO RJ Scaringe expressed confidence in reaching an autonomy milestone this year, which would unlock a $250 million tranche of investment from Uber. The company also continues its software and services partnership with Volkswagen, which contributed significantly to its software segment revenue.