Rivian Automotive post quarterly loss of $1.7B in 2Q earning report

Posted on August 11, 2022
The start-up produces electric vehicles in Normal, IL. (Photo courtesy: WJBC/File)

By Blake Haas

NORMAL – Electric vehicle maker Rivian Automotive (RIVN) reported a quarterly loss of $1.7 billion in their second-quarter earnings report.

However, it was not all bad news for the startup company – the company posted revenue of $364 million compared to $355 million estimated by Wall Street analysts.

According to CNBC, the startup had $15.5 billion in cash this quarter, down from $17 billion as of March 31.

Despite building a new factory in Georgia in 2025 and a new smaller product platform called R2, the company reports enough cash to fund its operations.

RIVN also trimmed its full-year earnings expectations due to inflation, supply-chain snags, and volatility.

On the news, shares popped 4.4% at the close, ending at $38.95.

Blake Haas can be reached at [email protected].

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