Rivian announced its financial results for the second quarter of 2023 and showed strong performance and growth. The company reported a lower-than-expected net loss of $1.2 billion, or $1.27 per share, and a higher-than-expected revenue of $1.12 billion, which included $34 million from selling regulatory credits. Rivian’s CEO RJ Scaringe said that the company was focused on improving its cost efficiency and driving towards profitability.
Rivian delivered a total of 12,640 vehicles in the quarter, which was a 59% increase from the first quarter of 2023 and a huge jump from the second quarter of 2022, when it delivered only 4,467 vehicles. The company also produced more vehicles than in the previous quarters, reaching 13,992 units in the second quarter of 2023.
Rivian also increased its production guidance for the full year. The company 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.