Rivian reduces 2026 spending plans, narrows earnings guidance

Rivian Automotive reduced its 2026 spending plans and slightly narrowed its previously forecast losses this year as the company reported second-quarter results Thursday.The revised guidance now includes adjusted losses between $1.8 billion and $2 billion, down from $1.8 billion to $2.1 billion, and capital expenditures of $1.7 billion to $1.8 billion, down from $1.95 billion to $2.05 billion. It reconfirmed a previously raised delivery target of 65,000 to 70,000 vehicles to customers.Rivian said the $250 million reduction in capital spending at the mid-point was enabled by "project efficiencies and timing of spend," which the automaker previously increased to allow for added investments in new technologies such as its hands-free driving system.Here's how Rivian performed in the second quarter, compared with average estimates compiled by LSEG:Loss per share: 47 cents adjusted vs. a loss of 63 cents expectedRevenue: $1.66 billion vs. $1.51 billion expectedThe company's gross profit, which is closely watched by investors, was $179 million compared with a loss of $206 million a year earlier. That included a $36 million loss for its automotive segment and a $215 million profit for its s...