Rivian beats quarterly revenue estimates as R2 launch, software business gain traction
Rivian Automotive exceeded quarterly revenue estimates, reporting $1.66 billion, driven by strong demand for its lower-priced R2 SUV and a 37% increase in software revenue. CEO RJ Scaringe noted a significant rise in reservation-to-order conversions, indicating progress in the company's mass-market strategy. Rivian raised its annual delivery forecast to 65,000-70,000 vehicles and expects to achieve positive gross margins on the R2 in the latter half of the year.