On August 8, the EV maker Rivian revealed a second-quarter loss that was narrower than expected and raised its EV production guidance for the full year. Now, the automaker anticipated to produce roughly 52,000 vehicles this year, more than twice the number it made in 2022 and an increase from its previous guidance of 50,000 cars.
Rivian delivered 12,640 vehicles in the second quarter, jumping 59% from the previous quarter and exceeding the 4,467 EVs delivered in the same quarter of 2022.
Here are the significant figures from Rivian’s reported figures, along with the corresponding consensus analyst estimates:
- Adjusted loss per share: $1.08 vs. $1.41 expected.
- Revenue: $1.12 billion vs. $1 billion expected.
The automaker’s revenue for the second quarter rose to $1.12 billion from $364 million in the same period last year. In comparison, Rivian’s second-quarter revenue included $34 million from the sale of regulatory credits.
CEO RJ Scaringe pointed out, “Our second quarter results reflect our continued focus on cost efficiency as we accelerate the drive towards profitability. We have successfully reduced material prices, overhead, and logistics costs across the core components of R1 and EDV vehicle unit costs.” He adds, “It was a good quarter, and our priorities are ramping up production, achieving cost reductions, creating new technologies, and improving the customer experience.”
Rivian reiterated that it expects to reach a positive gross profit sometime in 2024.
As of June 30, the EV manufacturer had $10.2 billion less in cash than it had on hand as of March 31. It also had approximately $1.1 billion in credit lines available as of the end of the quarter, for a total liquidity of $11.3 billion. As opposed to $359 million during the same period last year, capital expenditures in the second quarter were $255 million.
Rivian now estimates $1.7 billion in capex for the year, down from $2 billion in prior expectations.