Transportation
Rivian’s R2 Launch Offers Investors Hope in Bleak EV Market
Rivian R1S and R1T electric vehicles (EV) at a dealership and service center in South San Francisco.
Photographer: David Paul Morris/BloombergAfter a brutal year for the US electric-vehicle industry, Rivian Automotive Inc. handed investors a rare reason for optimism.
The EV manufacturer reported better-than-expected fourth-quarter results and its first-ever annual gross profit, a key milestone after years of consistent losses. The signs of progress come as the company prepares to begin selling its R2 midsize SUV, a lower-priced EV that Rivian hopes will appeal to a broader swath of car buyers.