Rivian’s second quarter financials and shareholder call this week came with some good news. Naturally, that means the stock price is down. (Sorry, Rivian stock holders.) I’ll come back to that at the end. Followup interviews have also brought positive news.
First, let’s just do a quick bullet list of some of the good news:
The Rivian R2 Launch variants are much more popular than the company expected. “We had our own set of projections as to what we thought the conversion [rate] would be for those Launch variants, and it’s meaningfully higher. So the conversion rate is much higher than our own internal expectations, which is fantastic,” RJ Scaringe said.
The company bumped up its full-year financial guidance. (One would think it’s a good thing if a company’s financial guidance changes in a positive way, no?)
Rivian’s Q2 revenue totaled $1.66 billion, which was significantly higher than the $1.52 billion Bloomberg consensus. It was also up 27% year over year.
