Rivian Automotive (NASDAQ: RIVN) posted its second-quarter earnings report on Aug. 8. The electric pickup truck, SUV, and delivery van maker more than tripled its revenue year over year to $1.12 billion, which surpassed analysts' estimates by $110 million. It narrowed its net loss from $1.71 billion to $1.2 billion, which trickled down to an adjusted net loss of $1.08 per share and cleared the consensus forecast by $0.31.

Rivian's headline numbers were impressive, but its stock only rose slightly after the report and remains nearly 70% below its initial public offering (IPO) price. So is it the right time to buy Rivian as a turnaround play on the electric vehicle (EV) market? 

Image source: Rivian.

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Source Fool.com