The electric truck and SUV maker reaffirmed production target for 2022, forecasted deeper operating loss for the year
Electric-vehicle startups like Rivian, Lucid, Fisker, Canoo and Lordstown are having to adjust to the realities of making vehicles in a harsh economy. WSJ’s George Downs explains some of the challenges they’re facing and why some even risk going out of business. Photo composite: George Downs
Rivian Automotive Inc. reported its net loss in the second quarter nearly tripled to $1.7 billion, further putting pressure on the electric-vehicle startup to conserve cash and move quickly to fill customer orders.
The California-based SUV and truck maker said revenue for the quarter was about $364 million as it increased production and deliveries of its first three models. Rivian started manufacturing vehicles for the first time late last year.