Rivian's Deliveries Jumped 58%. Why Didn't Gross Profit Follow?

Rivian delivered 19,248 vehicles in the third quarter, about 58% more than in the second quarter, with the R2 becoming its best-selling model. Yet companywide gross profit was nearly flat as weaker automotive gross profit offset gains in software and services. The company is absorbing upfront launch costs, and additional production shifts and improved efficiency could help margins over the coming 18 months.