Rivian is still on track to deliver 25,000 electric vehicles by the end of the year, but it now expects to burn an additional $700 million.
The revised guidance was tucked into the second-quarter earnings report, telling investors that it expects to lose over $5 billion in the next four years. Rivian blamed the hike on a number of factors.
Rivian lost more than $1 billion in the second quarter. Delivery vans it builds for Amazon are included in those deliveries. Rivian delivered 5,694 vehicles during the first six months of the year.
Rivian brought in $364 million in the second quarter, or $26 million more than analysts expected. Rivian told investors that demand for the EV firm's SUVs and trucks kept increasing.
The company also added a new member to its board.
Rivian has distanced itself from its 52 week low of $18.25 per share. Ford dumped millions of Rivian shares in the spring. The EV maker ended regular trading up 4%.
Rivian laid off about six percent of its workforce last month as part of a restructuring plan necessitated by a changing and challenging economic environment where inflation reached record highs, interest rates rose and commodity prices continued to climb.
The manufacturing operations team was not affected by layoffs.
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