• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

E1 CEO Rodi Basso on Innovating the New Powerboat Racing Series

August 2, 2025

OpenAI’s Latest Move Is a Game Changer — Here’s How Smart Solopreneurs Are Turning It Into Profit

August 2, 2025

This Mac and Microsoft Bundle Pays for Itself in Productivity

August 2, 2025
Facebook Twitter Instagram
Trending
  • E1 CEO Rodi Basso on Innovating the New Powerboat Racing Series
  • OpenAI’s Latest Move Is a Game Changer — Here’s How Smart Solopreneurs Are Turning It Into Profit
  • This Mac and Microsoft Bundle Pays for Itself in Productivity
  • Boost Team Productivity and Security With Windows 11 Pro, Now $15 for Life
  • Don’t Sever Your Medicare Coverage With A Severance Package
  • 12 Things That You Can Get for Free in August
  • 40 Jobs Most Threatened by AI — and the Safest Jobs — According to Microsoft
  • 10 Unused Services That Are Draining Your Monthly Budget
Sunday, August 3
Facebook Twitter Instagram
iSafeSpend
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
iSafeSpend
Home » Rivian raises 2023 EV production guidance, posts narrower-than-expected quarterly loss
News

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

News RoomBy News RoomAugust 8, 20232 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

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 roughly $35,000 per vehicle improvement from the first quarter of 2023. Increased production, with the related economies of scale, and “our continued efforts to drive material cost reductions through commercial negotiations and engineering design change” drove the improvement, it said.

Rivian reiterated that it expects to reach a positive gross profit sometime in 2024.

The EV maker had $10.2 billion in cash remaining as of June 30, down from $11.78 billion as of March 31. It also had about $1.1 billion in credit lines available as of quarter end, for total liquidity of $11.3 billion. Capital expenditures in the second quarter were $255 million, versus $359 million in the same period last year.

For the full year, Rivian now expects about $1.7 billion in capex, down from $2 billion in its prior guidance.

Rivian took a number of steps earlier this year to slow spending and bolster its balance sheet, including a 6% staff reduction in February and a $1.3 billion sale of convertible notes in March. The company also delayed the launch of its upcoming smaller R2 vehicle platform to 2026, from 2025.

Rivian produced roughly 23,400 vehicles in the first half of 2023. The company is currently building the R1T pickup, the R1S SUV and a series of electric delivery vans for Amazon at its factory in Normal, Illinois.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

RSS Feed Generator, Create RSS feeds from URL

News October 25, 2024

X CEO Linda Yaccarino addresses Musk’s ‘go f—- yourself’ comment to advertisers

News November 30, 2023

67-year-old who left the U.S. for Mexico: I’m happily retired—but I ‘really regret’ doing these 3 things in my 20s

News November 30, 2023

U.S. GDP grew at a 5.2% rate in the third quarter, even stronger than first indicated

News November 29, 2023

Americans are ‘doom spending’ — here’s why that’s a problem

News November 29, 2023

Jim Cramer’s top 10 things to watch in the stock market Tuesday

News November 28, 2023
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

OpenAI’s Latest Move Is a Game Changer — Here’s How Smart Solopreneurs Are Turning It Into Profit

August 2, 20250 Views

This Mac and Microsoft Bundle Pays for Itself in Productivity

August 2, 20250 Views

Boost Team Productivity and Security With Windows 11 Pro, Now $15 for Life

August 2, 20250 Views

Don’t Sever Your Medicare Coverage With A Severance Package

August 2, 20250 Views
Don't Miss

12 Things That You Can Get for Free in August

By News RoomAugust 2, 2025

Asier Romero / Shutterstock.comAdvertising Disclosure: When you buy something by clicking links within this article,…

40 Jobs Most Threatened by AI — and the Safest Jobs — According to Microsoft

August 2, 2025

10 Unused Services That Are Draining Your Monthly Budget

August 2, 2025

The Exact Salaries Palantir Pays AI Researchers, Engineers

August 1, 2025
About Us

Your number 1 source for the latest finance, making money, saving money and budgeting. follow us now to get the news that matters to you.

We're accepting new partnerships right now.

Email Us: support@isafespend.com

Our Picks

E1 CEO Rodi Basso on Innovating the New Powerboat Racing Series

August 2, 2025

OpenAI’s Latest Move Is a Game Changer — Here’s How Smart Solopreneurs Are Turning It Into Profit

August 2, 2025

This Mac and Microsoft Bundle Pays for Itself in Productivity

August 2, 2025
Most Popular

E1 CEO Rodi Basso on Innovating the New Powerboat Racing Series

August 2, 20250 Views

OpenAI’s Latest Move Is a Game Changer — Here’s How Smart Solopreneurs Are Turning It Into Profit

August 2, 20250 Views

This Mac and Microsoft Bundle Pays for Itself in Productivity

August 2, 20250 Views
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 iSafeSpend. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.