Rivian Automotive, Inc. announced its second quarter 2026 financial results, which included the start of customer deliveries of its R2 mid-size SUV and approximately $5.3 billion in cash, cash equivalents and short-term investments.
The EV maker produced 12,613 vehicles at its manufacturing facility in Normal, Illinois, and delivered 12,194 cars during the quarter. The company added that a $250 million reduction in capital spending at the mid-point was due to "project efficiencies and timing of spend."
Rivian's automotive gross profit loss shrunk to $36 million compared to $335 million for the same quarter in 2025. The company attributed the improvement to delivery and production volumes, an increase in revenues related to regulatory credits and an IEEPA tariff refund receivable, partially offset by the ramp of R2 production.
In the quarter, Rivian recognized approximately $100 million in incremental cost of revenues due to the ramp of R2 production as compared to production at more normalized levels.
The company ended the quarter with $5.310 billion in cash, cash equivalents and short-term investments. It also expects to receive $1 billion in non-recourse debt financing from Volkswagen Group and a $250 million equity investment from Uber later this year, both subject to the completion of certain conditions.
