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Rivian Automotive, a manufacturer of electric vehicles, on Tuesday revealed a loss for the second quarter that was narrower than anticipated and increased its production forecast for the entire year.
It has increased its prior output forecast of 50,000 vehicles to an expected 52,000 vehicle production in 2023, which is more than twice as many as the 2022 production.
Rivian delivered 12,640 vehicles in the second quarter, more than double the 4,467 electric vehicles it supplied in the same period in 2022 and up 59% over the first quarter’s total. The number of automobiles it manufactured during the quarter increased to 13,992 from 4,401 in the second quarter of 2022 and 9,395 in the first quarter of 2023.
For the quarter, Rivian lost $1.2 billion, or $1.27 per share, in net income. Rivian reported a net loss of $1.71 billion, or $1.89 per share, in the prior year. Rivian reported a loss of $1.02 billion, or $1.08 per share, on an adjusted basis.
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Rivian’s Progress: Lower Gross Loss and Higher Revenue
From $364 million in the same quarter in 2022, revenue increased to $1.12 billion in the second quarter. $34 million of the second quarter’s revenue for Rivian came from the selling of regulatory credits.
The second quarter results reflect our continued focus on cost efficiency as we accelerate the drive towards profitability. Both R1 and EDV vehicle unit costs have been significantly reduced across the essential components, including material prices, overhead, and logistics.
It was a good quarter, and our priorities are on ramping up production, achieving cost reductions, creating new technologies, and improving the customer experience.
The quarter’s gross loss, or negative gross profit, for Rivian was $412 million, down from $704 million the year prior and an improvement of about $35,000 per vehicle over the same period in 2023.
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Source: www.cnbc.com
