Rivian (RIVN) released its third-quarter 2023 financial results after the market closed on Tuesday, showing positive results with increased production and deliveries.
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A few words about Rivian
Rivian Automotive, Inc., is an American electric vehicle manufacturer founded in 2009.
Rivian is producing an electric SUV and a pickup truck on a “skateboard” platform that could underpin future vehicles or be adopted by other companies. An electric delivery vehicle (Rivian EDV) is also being produced as part of a partnership with Amazon. Rivian began deliveries of its R1T pickup truck in late 2021. The company plans to build a dedicated charging network in the United States and Canada by the end of 2023.
Production is on the rise
The electric vehicle manufacturer continued to make progress, easily exceeding expectations, delivering 15,564 vehicles.
Rivian deliveries increased by 24% since the second quarter of 2023 and more than doubled compared to last year's numbers.
The company manufactured 16,304 electric vehicles, representing a 17% increase from the second quarter of 2023.
In light of the progress, Rivian is raising its 2023 production target to 54,000, up 2,000 from the previous goal.
Investors will be closely watching Rivian's per-vehicle costs and profit margins as the company ramps up production, which is now more than double from a year ago.
As Rivian makes better use of its factory, its manufacturing costs per vehicle are falling. It was one of the few automakers to avoid cutting prices this year.
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Rivian's profits improved
Rivian's financial results show revenue of $1.34 billion, up from revenue of $1.12 billion in the second quarter of 2023, beating estimates as deliveries continued.
The company reported a negative net profit of $477 million compared to $917 million last year.
Rivian's operating expenses rose to $963 million compared to $857 million last year as the electric vehicle maker increased production.
The company is also revising net EBITDA guidance to ($4 billion) from ($4.2 billion) and lowering CapEx to $1.1 billion.
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In another major milestone, Rivian announced that it will allow companies other than Amazon to buy its electric delivery vehicles (EDVs).
Source: electrek.co
