Rivian raises 2023 EV production guidance, posts narrower-than-expected quarterly loss

Electric vehicle maker Rivian Automotive on Tuesday reported a loss for the second quarter that was narrower than expected and raised its production guidance for the full year.

It now expects to build about 52,000 vehicles in 2023, more than twice the number it made in 2022 and up from its previous production guidance of 50,000 vehicles.

Rivian delivered 12,640 vehicles during the second quarter, up 59% from its first-quarter total and well above the 4,467 EVs it delivered in the second quarter of 2022. It produced 13,992 vehicles in the quarter, up from 9,395 in the first quarter of 2023 and 4,401 in the second quarter of 2022.

Here are the key numbers from Rivian’s report, with consensus analyst estimates as reported by Refinitiv:

• Adjusted loss per share: $1.08 vs. $1.41 expected.
• Revenue: $1.12 billion vs. $1 billion expected.

Rivian’s net loss for the quarter was $1.2 billion, or $1.27 per share. A year ago, Rivian reported a net loss of $1.71 billion, or $1.89 per share. On an adjusted basis, Rivian reported a loss of $1.02 billion, or $1.08 per share.

Revenue in the second quarter rose to $1.12 billion from $364 million in the same period in 2022. Rivian’s second-quarter revenue included $34 million from the sale of regulatory credits.

“Our second quarter results reflect our continued focus on cost efficiency as we accelerate the drive towards profitability,” CEO RJ Scaringe said in a statement to CNBC. “We have achieved meaningful reductions in both R1 and EDV vehicle unit cost across the key components, including material costs, overhead and logistics. It was a strong quarter, and we remain focused on ramping production, driving cost efficiencies, developing future technologies, and enhancing 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…