Making Tech Headlines · Page 8
Rivian's R2 Wins the Family Sales Contest Before the Others Can Ask for a Recount
· New York time
Rivian says its R2 electric vehicle is now its best-selling vehicle, outselling its other EVs for the first time as the company ramps production. The automaker also improved its guidance to Wall Street for the second time this year, according to reporting on its third-quarter results. The R2's position matters because it moves from being a new model in the lineup to leading that lineup in sales. For a manufacturer, the transition from announcing a vehicle to producing and selling it at scale is an important part of the business. Rivian's updated outlook gives investors another reason to pay attention to how the ramp continues. The company reported $2.155 billion in revenue in the quarter. That figure and the improved guidance are useful context for the R2's sales lead, although a leading model does not by itself settle every question about an automaker's costs or future performance. The comparison is especially awkward for the other vehicles in Rivian's family: the newest arrival is already getting the most attention at dinner. For Rivian, however, the point of adding a model was not to keep the siblings equally popular. It was to give more customers a reason to enter the showroom, and the new arrival is making its presence felt.
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