Rivian Automotive (NASDAQ:RIVN) shares fell more than 7% intra-day today after the company reported a larger-than-expected loss in the second quarter due to reduced vehicle production, as the electric vehicle manufacturer made adjustments to its R1 platform for better efficiency.
The company posted a loss of $1.46 per share on revenue of $1.14 billion, compared to Street expectations of a $1.25 loss per share on the same revenue.
In Q2, Rivian produced 9,612 vehicles and delivered 13,790, down from the 13,980 vehicles produced and 13,588 delivered in Q1. Rivian highlighted that the changes made to the R1 platform helped lower material and manufacturing costs while enhancing performance and capabilities. The company also began deliveries of its second-generation R1 vehicles during the quarter.
Additionally, Rivian announced a partnership with Volkswagen Group to form a technology joint venture valued at $5 billion. Looking forward, Rivian reaffirmed its annual guidance and projected a modest gross profit for the fourth quarter.