Rivian reports more losses in the second quarter of 2022
Rivian, the buzzy electric vehicle company backed by Ford and Amazon, reported a net loss of $1.71 billion in the second quarter of 2022 based on $364 million in revenue. It’s a sign that Rivian’s nascent EV business is picking up speed, albeit slowly compared to the previous quarter in which Rivian reported a net loss of $1.59 billion based on $95 million in revenue. Still, the company beat Wall Street expectations for revenue by about $26 million.
The earnings report was also an indication that Rivian still has a ways to go before it can deliver on its promise to upend the auto industry with beautifully designed, emissions-free, adventure-themed trucks and SUVs. The automaker said it expects to burn through $700 million in additional...