Rivian narrows its losses in Q2, clears R2 demand hurdle
Rivian reported second-quarter revenue up 27% year-on-year to US$1.66bn, beating consensus estimates, with a narrower adjusted EBITDA loss of US$379m against US$667m a year earlier. Chief Executive RJ Scaringe told Yahoo Finance that conversion rates on the new R2's Launch Edition trim are running “meaningfully higher” than the company's own internal projections—a sign of real demand—and shares rose as much as 4% in early trading, although they remain down more than 14% for the year.
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Originally posted on: https://www.automotiveworld.com/analysis/rivian-narrows-its-losses-in-q2-clears-r2-demand-hurdle/