August 10, 2023: On Tuesday, Rivian Automotive to build almost 50,000 vehicles in 2023 after incurring loss, over twice the digit it made in 2022 and up from its previous production direction of 50,000 cars.
Rivian produced 12,640 cars during the dual quarter, up 59% from its first-quarter total and well beyond the 4,467 EVs it had in the second quarter of 2022. It delivered 13,992 vehicles in the quarter, up from 9,395 in the initial quarter of 2023 and 4,401 in the second quarter of 2022.
Rivian’s net defeat for the quarter was $1.2 billion, or $1.27 per share. Rivian said a net defeat of $1.71 billion a year ago, or $1.89 per share. On an adjusted basis, Rivian declared a failure of $1.02 billion, or $1.08 per share.
Revenue in the second quarter increases to $1.12 billion from $364 million in the same period in 2022. Rivian’s second-quarter income included $34 million from the deal of regulatory credits.
“Our second quarter results our continued focus on cost efficiency as we accelerate the drive towards profitability,” CEO RJ Scaringe said. “We have gained significant reductions in R1 and EDV vehicle unit cost across the necessary components, including material costs, overhead, and logistics. It was a strong quarter, and we remain focused on ramping production, moving cost efficiencies, developing future technologies, and improving the customer experience.”
Rivian’s gross loss, or negative gross profit, was $412 million in the quarter, down from $704 million a year ago and a roughly $35,000 per vehicle gain from the initial quarter of 2023. It stated that increased display, with the related economizing of scale, and “our continued efforts to drive material cost reductions via commercial negotiations and engineering design evolution” drove the improvement.
Rivian repeated that it hopes to reach a positive repulsive profit sometime in 2024.
The EV designer had $10.2 billion in cash remaining as of June 30, down from $11.78 billion as of March 31. It also had around $1.1 billion in recognition lines available as of quarter end, for total liquidity of $11.3 billion. Funds expenses in the dual quarter were $255 million, versus $359 million in the exact period in the previous year.
Rivian expects around $1.7 billion in capex for the entire year, down from $2 billion in its prior guidance.
