Rivian reports wider loss in Q2 as production falls

Investing.com -- Rivian reported Tuesday a wider loss in the second-quarter as the electric vehicle maker produced fewer vehicles in the quarter amid changes to its R1 platform targeting improved efficiency.

Rivian (NASDAQ: RIVN) Automotive Inc (NASDAQ: RIVN) fell more than 4% in afterhours trading following the report.

The EV maker reported a loss of $1.46 a share on revenue of $1.14 billion, compared with estimates for a loss of $1.25 on revenue of $1.14B.

The company produced 9,612 and delivered 13,790 vehicles in Q2, compared with 13,980 and 13,588 in Q1, respectively.

"The changes we made to the R1 platform have allowed us to reduce material and manufacturing costs, while simultaneously improving performance and capabilities," the company said.

"During the second quarter, the company introduced and started deliveries of the second generation R1 vehicles," it added.

The EV company also said it teamed up with a Volkswagen (ETR:VOWG_p) Group to create a technology joint venture with a total deal size of $5B.

Looking ahead, the company reaffirmed guidance for the year, forecasting a modest gross profit for Q4.

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