Rivian

In its first full quarter on sale, the R2 became Rivian's best-selling vehicle, outselling both the R1 and the delivery vans. Deliveries jumped 46% to a record 19,248 vehicles, and revenue climbed 38% to 2.155 billion dollars. Rivian now expects 67,000 to 70,000 deliveries this year, lifting the low end of its target.

Rivian's software and services side brought in 605 million dollars, up 45% from a year ago, and kept 256 million dollars after costs, about 42 cents of every dollar. That profit more than covered what the car side lost. Its hands-free driving already works on millions of miles of roads, and a feature that drives you from address to address, with you supervising, starts rolling out later this year.

Rivian lost 913 million dollars this quarter and burned through 1.1 billion dollars of cash, far more than the 421 million it burned a year ago, partly from stocking up on parts for the R2. It still expects an adjusted loss of 1.75 to 1.85 billion dollars this year. A fresh 1 billion dollar loan from Volkswagen adds to its 5.5 billion dollar cash pile, but every quarter of losses shortens the runway.

New vehicles are expensive to build at first. Rivian still lost 80 million dollars on the cars themselves, including about 120 million dollars in extra costs from ramping up R2 production. Cheaper R2s and vans also pulled the average sale price down, so the share of revenue kept after costs slipped to 8% from 11% last quarter.