IRVINE, California, August 28, 2026, 14:00 EDT
- Rivian stock dropped 6.49%, trading at $15.71 as of 13:46 EDT.
- Chief Financial Officer Claire McDonough is set to depart on October 30, with Derek Mulvey appointed as interim CFO.
- Rivian closed the second quarter holding $5.3 billion in cash and short-term investments.
Rivian Automotive (NASDAQ: RIVN) stock dropped 6.49% on Friday following news that the company’s finance chief intends to step down amid the R2 production ramp-up.
The drop wiped out nearly $1.45 billion in equity value, amounting to approximately 27% of Rivian’s cash and short-term investments for the second quarter.
Claire McDonough is set to step down as chief financial officer on October 30. Rivian has appointed Derek Mulvey, who serves as chief accounting officer, as interim CFO.
Rivian was informed by McDonough on August 24 about her decision to leave. The company said her exit was not related to any dispute about its reporting, operations or business practices, according to its regulatory filing.
The shift comes at a crucial moment. Rivian has started shipping the R2 and increased its 2026 delivery outlook to 65,000–70,000 vehicles, Reuters reported.
At 13:46 EDT, shares were priced at $15.71. Trading volume totaled 25.54 million shares, with the session’s range recorded between $15.615 and $16.99.
| Investor measure | Latest reading | Why it matters |
|---|---|---|
| Share price | $15.71; down 6.49% | About $1.45 billion in market value wiped out |
| Q2 revenue | $1.658 billion; up 27% | Sales gains need to offset higher ramp-up expenses |
| Q2 net loss | $833 million | Maintaining cash control is a priority |
| Cash and investments | $5.3 billion | Main buffer to support R2 expansion |
| 2026 deliveries | 65,000–70,000 guidance | Key metric for ramp-up performance |
Rivian posted second-quarter revenue of $1.658 billion, a 27% increase compared to the same period a year ago. Gross profit totaled $179 million, the company said in its quarterly results.
The net loss reduced to $833 million compared to $1.117 billion. Revenue from software and services increased by 37% to $515 million, with a gross margin of 42%.
Production output has become a greater focus. Rivian produced 12,613 vehicles and handed over 12,194 in the second quarter, its production release showed.
The R2 expands Rivian’s potential customer base beyond the premium R1 range. The move also requires close alignment in procurement, production, and cash management.
Mulvey ensures consistency during the transition. Investors remain tasked with assessing if a temporary finance framework can maintain spending discipline while output increases.
Risks: Actual R2 demand might not match initial reservations. Delays from suppliers, higher launch expenses, or softer EV prices could increase losses and lead to quicker cash burn than anticipated.
The leadership change is seen as an execution risk, reflected in Friday’s selloff. The focus now shifts to whether rising delivery numbers and better gross profit can balance the expenses of expanding R2.
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