When EV maker Rivian (RIVN) releases its second quarter financial report tonight after the bell, all eyes will be on one key metric.
Like Tesla, Lucid, and even GM and Ford before it, investors are keenly watching what Rivian CEO RJ Scraringe and team will say about the company’s annual production forecast, currently sitting at 25,000 vehicles for the year.
In Q1 of this year Rivian produced 2,553 vehicles, and in Q2 the company revealed it produced 4,401 vehicles, a healthy jump in production. Given those numbers, Rivian will need to make around 19,000 trucks in the second half of the year to meet its 2022 forecast, which could be a stretch for a company still trying to ramp up its production capabilities.
Some on Wall Street are bullish heading into the report. “The performance last quarter coupled with the 2Q delivery numbers show that Rivian (and the management team) is finally starting to get their act together and live up to some of the massive hype for the company,”…