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

Electric conveyance maker Rivian Automotive on Tuesday reported a nonaccomplishment for the 2nd 4th that was narrower than expected and raised its accumulation guidance for the afloat year.

It present expects to physique astir 52,000 vehicles successful 2023, much than doubly the fig it made successful 2022 and up from its erstwhile accumulation guidance of 50,000 vehicles.

Rivian delivered 12,640 vehicles during the 2nd quarter, up 59% from its first-quarter total and good supra the 4,467 EVs it delivered successful the 2nd 4th of 2022. It produced 13,992 vehicles successful the quarter, up from 9,395 successful the archetypal 4th of 2023 and 4,401 successful the 2nd 4th of 2022.

Here are the cardinal numbers from Rivian's report, with statement expert estimates arsenic reported by Refinitiv:

Rivian's nett nonaccomplishment for the 4th was $1.2 billion, oregon $1.27 per share. A twelvemonth ago, Rivian reported a nett nonaccomplishment of $1.71 billion, oregon $1.89 per share. On an adjusted basis, Rivian reported a nonaccomplishment of $1.02 billion, oregon $1.08 per share.

Revenue successful the 2nd 4th roseate to $1.12 cardinal from $364 cardinal successful the same play successful 2022. Rivian's second-quarter gross included $34 cardinal from the merchantability of regulatory credits.

Rivian's gross loss, oregon antagonistic gross profit, was $412 cardinal successful the quarter, down from $704 cardinal a twelvemonth agone and a astir $35,000 per conveyance betterment from the archetypal 4th of 2023. Increased production, with the related economies of scale, and "our continued efforts to thrust worldly outgo reductions done commercialized negotiations and engineering plan change" drove the improvement, it said.

Rivian reiterated that it expects to scope a affirmative gross nett sometime successful 2024.

The EV shaper had $10.2 cardinal successful currency remaining arsenic of June 30, down from $11.78 cardinal arsenic of March 31. It besides had astir $1.1 cardinal successful recognition lines disposable arsenic of 4th end, for full liquidity of $11.3 billion. Capital expenditures successful the 2nd 4th were $255 million, versus $359 cardinal successful the aforesaid play past year.

For the afloat year, Rivian present expects astir $1.7 cardinal successful capex, down from $2 cardinal successful its anterior guidance.

Rivian took a fig of steps earlier this twelvemonth to dilatory spending and bolster its equilibrium sheet, including a 6% unit reduction successful February and a $1.3 cardinal sale of convertible notes successful March. The institution besides delayed the motorboat of its upcoming smaller R2 conveyance level to 2026, from 2025.

Rivian produced astir 23,400 vehicles successful the archetypal fractional of 2023. The institution is presently gathering the R1T pickup, the R1S SUV and a bid of electrical transportation vans for Amazon at its mill successful Normal, Illinois.