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Rivian trims losses in Q3 and boosts production targets

Rivian's optimistic projection is a minor win for an industry hurting from high inflation and price cuts

EV manufacturer, Rivian reported its third-quarter results beat Wall Street expectations and offered an improved outlook, which includes an increase in its annual production target by  2,000 vehicles to 54,000 units. 

Rivian’s optimistic projection is a minor win for an industry hurting from the double whammy of high inflation- which has dampened customer appetite- and competition for demand- caused by consumer-friendly price cuts at market leader Tesla.

The company’s third-quarter net loss of $1.37 billion marked a 20% drop from the $1.72 billion in losses recorded during the same period last year. Additionally, Rivian declared a $942 million net loss, or $1.19 earnings per share, on an adjusted basis. Along with reducing its 2023 capital expenditure projection to $1.1 billion, Rivian also disclosed that its full-year adjusted EBITDA loss had fallen to $4.0 billion from $4.2 billion.

The EV maker reported $1.34 billion in revenue for the quarter, compared to a projected $1.31 billion and an adjusted earnings per share loss of $1.19, as opposed to an expected $1.32. This revenue amount marks a 150% increase over the $536 million recorded a year ago and a 19.6% increase over Q2’s $1.12 billion. 

During a conference call, CEO RJ Scaringe remarked, “We’re going to focus on driving up production volume and achieving better-fixed cost leverage, achieving meaningful reductions in our material costs from a bill of materials point of view, working on building out our commercial and go-to-market operations to allow us to not only continue driving demand but to continue driving up our average selling price.” 

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Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

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