Rivian boosts Q2 production, promises more

Rivian Tells Shareholders It Increased Production in Second Quarter NORMAL, Ill.assembly line(used form a nominal expression)electric vehicleVolume increased by 501 TP3T from the first quarter. deliveries increased by 601 TP3T.

Rivian produced 23,387 vehicles in the first half of 2023, which is claimed to be comparable to its full-year production in 2022. In the second quarter, 13,992 electric vehicles were produced and 12,640 were delivered.

The company raised its full-year production forecast to 52,000 units.

Total revenue for the second quarter was $1.1 billion, including $34 million from regulated credit sales. Gross profit for the quarter was negative $412 million, compared to negative $704 million in the second quarter of 2022. The company told shareholders that gross profit per delivered vehicle improved from negative $67,329 to negative $32,595.

“The improvement in gross profit is primarily due to increased production volumes and our ongoing efforts to reduce material costs through commercial negotiations and engineering design changes,” the company said. “In addition, we expect to realize positive gross profit in 2024.”