Rivian Reports $1.1B Q2 Loss But Holds 2025 Delivery Forecast originally appeared on Autoblog.
Rivian’s Q2 earnings are out, and while the EV startup posted another sizable loss — $1.1 billion — the company is standing by its full-year delivery guidance of 40,000 to 46,000 vehicles. That’s despite continued cost pressures, weakening regulatory credit income, and delivery volumes that came in lighter than expected.
Revenue for the quarter was $1.3 billion, up slightly year-over-year and just ahead of analyst estimates, but still well below what investors were hoping for. The company’s adjusted loss per share landed at $0.80, missing expectations by $0.04.
Production Down, Losses Up
Rivian produced 5,979 vehicles and delivered 10,661 in Q2, both down significantly compared to last year. The company said the dip is tied to planned factory retooling ahead of the launch of its upcoming R2 SUV — a mid-size, sub-$50,000 model aimed squarely at volume growth from 2026 onward.
That said, costs per vehicle remain steep. On average, Rivian spent $118,375 to build each EV last quarter, thanks to inflationary headwinds, rare earth material constraints, and reduced EV tax credit access. Regulatory credits, which once padded the balance sheet, are now expected to bring in just $160 million this year — nearly half the earlier forecast.
Rivian’s full-year EBITDA loss guidance has now widened to $2.0–$2.25 billion, from its previous $1.7–$1.9 billion range.
What’s Next: R2, Repositioning, and Relevance
Despite its financial drag, Rivian is focusing heavily on its upcoming R2 platform, with pilot builds already underway and capital expenditures projected at $1.8–$1.9 billion for the year. Positioned to compete in a broader, more price-sensitive segment, the R2 is intended to do what the brand’s flagship R1T and R1S models have struggled with: reach beyond the enthusiast core and connect with everyday buyers.
While updates to the 2025 R1T and R1S have refined the platform’s feel and responsiveness, the vehicles still carry high price tags — and aren’t resonating with all the right audiences. A recent S&P Global study found that Rivian continues to underperform with female buyers, a demographic that legacy brands like Ford and Toyota increasingly view as central to their EV strategy.
Still, Rivian is doubling down on brand appeal. This summer, it brought back its most viral party trick: Tank Turn, the feature that lets the R1S or R1T rotate in place like an off-road hovercraft. First teased back in 2019, the quad-motor function never actually reached customers — but that’s set to change, as Rivian looks to reignite attention in its existing lineup ahead of the R2 rollout.
Takeaway
It’s another quarter of deep red ink for Rivian, but the message from CEO RJ Scaringe is steady: losses are expected, scale is coming, and R2 is the hinge point. Whether that’s enough to calm Wall Street remains to be seen — but for now, the company isn’t blinking.
Rivian Reports $1.1B Q2 Loss But Holds 2025 Delivery Forecast first appeared on Autoblog on Aug 6, 2025
This story was originally reported by Autoblog on Aug 6, 2025, where it first appeared.
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