Rivian's Q2 earnings beat estimates on the top and bottom lines. They posted nearly $180M in gross profit with an 11% margin. Management raised delivery guidance for the full year and lowered their capex expectations. The stock only went up about 1% after the news. A few other details from the report were interesting. Their liquidity looks solid. They finished Q2 with $5.3B in cash. If you add up future expected capital from VW, Uber, and a DOE loan, their total liquidity could reach around $14B. Demand generation is also growing, with demo drives doubling compared to last year. On the software side, they plan to release point-to-point assisted driving by the end of this year, which is similar to Tesla's FSD. They are also aiming for a level 4 robotaxi by 2028.