Electric vehicle manufacturer Rivian announced its second-quarter earnings, showing a 27% year-over-year increase in revenue to $1.66 billion. Deliveries for the quarter reached 12,194 vehicles, exceeding management's previous guidance of 9,000 to 11,000 units. As a result, Rivian raised its full-year delivery outlook to 65,000 to 70,000 vehicles, up from the prior 62,000 to 67,000. The company reported a consolidated gross profit of $179 million in the second quarter, with a gross margin of 11%. Additionally, Rivian began customer deliveries of its R2 model on June 9. The company anticipates an adjusted EBITDA loss of $1.8 billion to $2.0 billion for the full year and plans capital expenditures of $1.7 billion to $1.8 billion. As of the end of June, the company held $5.3 billion in cash and short-term investments, and further bolstered its funds through an equity sale in early July.