- Rivian began delivering its R2 electric SUV in June, with production exceeding internal expectations and 57,000 demo drives completed in the quarter.
- The company expects the R2 to contribute to positive automotive gross profit by year-end, after absorbing roughly $100 million in ramp costs during the second quarter.
- Rivian is targeting Level 4 autonomous capability for the R2, with hands-off, eyes-off features planned for 2027 and point-to-point functionality rolling out by late 2026.
Rivian Automotive began delivering its new R2 electric SUV to customers in June and has already exceeded internal expectations, company executives said on the firm’s second-quarter earnings call Thursday. The R2 is positioned as an attractively priced option in a U.S. market still short on high-quality electric choices, according to the company’s earnings report.
The mid-size SUV is expected to rival Tesla‘s Model Y, though currently available versions are priced higher with lower-priced variants not yet launched. CEO RJ Scaringe noted he uses an R2 as his daily driver, and customer feedback has been strong so far.
Conversion of Launch Edition reservations into orders has exceeded internal expectations. Production at Rivian’s Normal, Illinois, plant remains on a single shift for now, with a second shift planned by the end of the third quarter.
The EV maker increased its full-year delivery outlook to 65,000–70,000 vehicles earlier this month, with the bulk of the increase expected in the fourth quarter. Rivian still expects the R2 to contribute to positive automotive gross profit by year-end after absorbing roughly $100 million in extra ramp costs in the second quarter.
Autonomy remains one of Rivian’s most important long-term investments as it seeks to position itself against sector heavyweight Tesla. Development is on track to begin rolling out point-to-point capabilities by the end of 2026, with Level 4 capability planned for both consumer and robotaxi versions of the R2.
Rivian reported second-quarter 2026 revenue of $1.66 billion, up 27% from a year earlier, with adjusted loss per share of $0.47. The company improved its full-year adjusted EBITDA loss outlook slightly to $1.8–$2.0 billion, and shares rose about 4% after hours.
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