Rivian Automotive reported Q2 financial results, beating analyst consensus estimates with losses of $1.08 per share and sales of $1.12 billion. The company produced 13,992 EVs and delivered 12,640 EVs in Q2, and is on track to meet its 50,000 vehicle annual production guidance. Rivian has updated its production guidance to 52,000 and reduced its expected capital expenditures for the year. Needham analyst Chris Pierce reiterated Rivian with a Buy and maintained a $31 price target. RIVN shares are trading over 7% lower.