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Rivian Automotive’s R2 Launch: Can 500,000+ Vehicle Capacity Reshape Its Growth Story?

Rivian Automotive reported second-quarter 2026 results marked by the start of external deliveries for its R2 vehicle, along with continued growth in production and revenue across its segments. The company produced 12,613 vehicles and delivered 12,194 units during the quarter, exceeding prior expectations driven by growth from the R1, electric delivery vans (EDVs), and the initial ramp of R2. Consolidated revenue increased 27% year-over-year to $1.66 billion, supported by a 23% increase in automotive revenue and a 37% rise in software and services revenue, which reached $515 million. The latter was primarily due to growth in joint venture services with Volkswagen Group and expansion of the Autonomy+ subscription service. The automotive gross profit loss of $36 million represented a substantial $299 million improvement from the prior year’s quarter, attributed to higher volumes, regulatory credit revenue, and a tariff refund receivable.