Rivian cuts 2026 spending plans and narrows loss outlook

Rivian said Thursday that it is reducing its 2026 spending plans and slightly narrowing its expected losses for the year after reporting secondquarter results. The electric vehicle maker kept its delivery target at 65,000 to 70,000 vehicles. The company now expects adjusted losses of $1.8 billion to $2 billion, compared with its earlier range of $1.8 billion to $2.1 billion. Rivian also lowered planned capital expenditures to $1.7 billion to $1.8 billion from a previous range of $1.95 billion to $2.05 billion, saying the change was driven by project efficiencies and the timing of spending. Rivian reported gross profit of $179 million, reversing a $206 million loss a year earlier. Quarterly revenue included $1.14 billion from automotive sales and $515 million from software and services. Net loss attributable to common stockholders was $837 million, or 63 cents per share, an improvement from the same quarter last year. The company also began delivering its midsize R2 SUV during the quarter and is ramping production at its plant in Normal, Illinois.