Rivian (RIVN) Q2 2025 report: Limited R1 production doesn’t slow deliveries, R2 remains on track
Rivian just posted its more recent letter to shareholders outlining its progress and financial numbers from Q2 2025. We have already covered much of Rivian’s Q2 achievements outlined in the letter. However, we have gained a clearer understanding of where the American automaker stands on production numbers, revenue, and gross profit through half the year as it continues to gear up for the start of R2 production next year.
While Q2 2025 is by no means the worst report from Rivian, it’s not the most exciting from a financial outlook. However, the American automaker does point out several impressive milestones and investments it solidified the previous three months.
For example, Rivian shared news of a fresh equity investment of $1 billion from Volkswagen Group, part of a larger $5.8 billion agreement joint venture between the two OEMs.
As we pointed out in July, Rivian has been expanding its global footprint, announcing a new UK office in addition to a shiny new East Coast headquarters located outside of Atlanta, not far from where its second EV manufacturing facility will eventually operate.
Q2 2025 also marked Rivian’s initial sales of its second-generation Quad Motor R1 models. Speaking of new models, Rivian CEO RJ Scaringe shared several progress updates of the new R2 throughout Q2 2025, and today’s letter to shareholders continues to detail steady progress for the highly anticipated EV.
Let’s dig into the full report, shall we?
Rivian expects higher Q3 2025 deliveries compared to Q2
As announced before the full Q2 2025 report, Rivian’s BEV production was way down, completing a mere 5,979 vehicles in Normal, IL, compared to 14,611 a quarter prior. That said, Rivian deliveries were up in Q2 (10,661 vs. 8,640 in Q1 2025).
Rivian cited the reason for limiting production last quarter as “primarily due to a variety of supply chain complexities partially driven by shifts in trade policy.” Despite the lower production numbers, Rivian said it is staying pat on its delivery guidance for 2025 and expects to have an even better Q3 2025. Per the shareholder letter:
We are maintaining the range of our delivery guidance to 40,000 – 46,000. We anticipate the third quarter to be our peak delivery quarter of the year across both our consumer and commercial vehicles. Due to some of the recent changes associated with regulatory credits and our second quarter performance, we are increasing our guidance for adjusted EBITDA losses to ($2,000) million – ($2,250) million.
Total revenues were up in Q2 2025 by both quarter and year-over-year, but Rivian’s total cost of revenues increased, leaving gross profits at an (unaudited) plateau. Same as last quarter, Rivian still expects its 2025 capital expenditures to land somewhere between $1.8 and $1.9 billion.
Aside from the financials, which you can view in their entirety here, Rivian continues to put a tremendous amount of future success in its upcoming R2 model. Per Rivian, R2 development and launch remain on track. The automaker has essentially completed construction of a new 1.1 million square foot plant expansion in Normal, with production tooling equipment for component manufacturing installations now underway.
Rivian expects to commission the new R2 line in Q3 2025 en route to equipment and production processes validation. As we’ve covered plenty this year, the American automaker is assembling validation prototypes of the R2 on a pilot production line in California.
To make room for R2 production, Rivian will shut down its existing production footprint in Illinois for about three weeks in September. After that, Rivian’s manufacturing capacity will increase to about 215,000 units per year. Per the shareholder letter:
During the second quarter we made significant progress towards our development of R2, and advancements in AI. Due to our sourcing efforts and contracts we have in place, we are confident R2 will launch at an advantaged cost structure as compared to R1 and expect it to have a quick path to positive gross profit.
As always, Rivian will host an audio webcast this afternoon at 2:00 PM PT/5:00 PM ET to discuss its Q2 2025 results and provide a business update. The link to the webcast and shareholder letter is available here.
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Elon wants the US military to start buying Tesla Cybertrucks – and now they are! The Air Force has ordered two Cybertruck testers for target practice to determine how easy they are to blow up, while Jo makes up a whole new conspiracy theory on today’s explosive episode of Quick Charge!
Today’s episode is brought to you by retrospec—makers of sleek, powerful e-bikes and outdoor gear built for everyday adventure. Electrek listeners can get 10% off their next ride until August 14 with the exclusive code ELECTREK10 only at retrospec.com.
An it doesn’t stop there. We’ve also got exciting new home battery backup and V2X options for Tesla owners, and one Texas EV driver that decided to conquer the Texas floodwaters by harnessing the awesome combined powers of electrons and stupidity (it’s pretty awesome).
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Tesla’s Dojo supercomputer project is reportedly over. Bloomberg reports that CEO Elon Musk is killing the project after a mass exodus of talent from the Dojo team to a competing startup.
Dojo was the name of Tesla’s in-house AI chip development to create supercomputers to train its AI models for self-driving.
Tesla hired a bunch of top chip architects and tried to develop better AI accelerator chips to rely less on companies like NVIDIA, AMD, and others.
It has been running into delays for years.
We previously reported on significant setbacks. In 2018, Jim Keller, the famed chip architect who was first hired to lead Tesla’s chip-making effort, left the company.
Ganesh Venkataramanan succeeded him, but he left Tesla in 2023.
For the last few years, Peter Bannon, who worked with Keller for years, has been leading Tesla’s chip-making programs, but he is now reportedly also leaving the automaker.
Bloomberg reports that Musk has “ordered the effort to be shut down.”:
Peter Bannon, who was heading up Dojo, is leaving and Chief Executive Officer Elon Musk has ordered the effort to be shut down, according to the people, who asked not to be identified discussing internal matters. The team has lost about 20 workers recently to newly formed DensityAI, and remaining Dojo workers are being reassigned to other data center and compute projects within Tesla, the people said.
DensityAI is a new startup currently in stealth mode, founded by several former Tesla employees, including Venkataramanan.
It reportedly plans to build chips for AI data centers and robots, much like the Dojo program.
The company recently hired 20 former Tesla employees who worked on Dojo.
While the program appeared to be lagging behind for years as Tesla increasingly bought more compute power from NVIDIA, Musk has been claiming progress.
The CEO said in June:
Tesla Dojo AI training computer making progress. We start bringing Dojo 2 online later this year. It takes three major iterations for a new technology to be great. Dojo 2 is good, but Dojo 3 will be great.
During Tesla’s quarterly conference call in late July, the CEO claimed that Dojo 2 will be “operating at scale sometime next year.”
Electrek’s Take
It’s unclear whether the report is accurate or if it’s an extrapolation from the talent exodus to Elon killing Dojo, or if Elon was lying just a few weeks ago.
Alternatively, this development may be so recent that Elon went from being confident in Dojo a few weeks ago to disbanding the team working on it now.
Either way, I think it’s clear that the project has been lagging, and Tesla has been extremely dependent on chip suppliers rather than making its own.
I think Dojo being likely dead is not a big loss for Tesla.
When it comes to chip making, developing its own inference compute for onboard “AI computers” was always the more important project.
TSMC is set to produce Tesla’s new AI5 chip, which is coming soon, and we have recently learned that Samsung will be manufacturing its AI6 chip.
I think the bigger concern from this report is that it’s the latest example of an ongoing exodus of talent at Tesla.
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Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.
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Block shares jumped in extended trading on Thursday after the fintech company increased its forecast for the year.
Here is how the company did, compared to analysts’ consensus estimates from LSEG.
- Earnings per share: 62 cents adjusted vs. 69 cents expected
Block doesn’t report a revenue figure, but said gross profit rose 14% from a year earlier to $2.54 billion, beating analysts’ estimates of $2.46 billion for the quarter. Gross payment volume increased 10% to $64.25 billion.
Block raised its guidance for full-year gross profit to $10.17 billion, representing 14% growth from a year earlier. In its prior earnings report, Block said gross profit for the year would come in at $9.96 billion.
The company expects full-year adjusted operating income of $2.03 billion, or a 20% margin. For the third quarter, the company expects gross profit to grow 16% from a year ago to $2.6 billion, with an operating margin of 18%.
Square payment volume in the quarter grew 10% from a year earlier.
Block faces growing competition from rivals such as Toast and Fiserv‘s Clover, though its Square business still gained share during the quarter in areas such as retail and food and beverage.
Block shares were down 10% this year as of Thursday’s close, while the Nasdaq is up 10%. Last month, Block was added to the S&P 500.
— CNBC’s Robert Hum contributed to this report.
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