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Riviancontinued to end the gap on losses , shrink costs and ramp up production in the third fourth part with results that stick Wall Street expectations and suggest a rosier time to come , including raising its annual production steering from 52,000 to 54,000 vehicle .
The EV makerreportedTuesday ( after mart closed ) tax revenue of $ 1.33 billion , a figure driven bydeliveries of 15,564 vehiclesand more than double from the same time period last yr . The companionship also showed modest 1.5 % revenue maturation after part over stern .
On the income front , the fellowship reported a third - tail last loss of $ 1.37 billion , a 20 % decrease from the $ 1.72 billion in loss in the same year - ago period . On an adjusted basis , the ship’s company reported a final loss of $ 942 million , or $ 1.19 net income per share .
Analysts canvass by Yahoo Finance expect revenue of $ 1.31 billion and an conform earnings per share loss of $ 1.33 .
The company said its “ strong progress ” to reduce costs has prompted it to improve it adjusted net profit guidance for the yr to a going of $ 4 billion . While that ’s still a whopping number far from break even or profitability , it should be noted that it has decreased some $ 300 million since the showtime of the class . In the first quarter , Rivian had forecast adjusted last loss of $ 4.3 billion and $ 2 billion in Washington expenditures in 2023 . Rivian say Tuesday it has also lowered its capital using up to $ 1.1 billion mostly due to a shift in expense timing .
“ During the third one-quarter we keep on to see advance , ” Rivian founding father and CEO RJ Scaringe suppose in a statement . “ We grow 16,304 vehicle during the third quarter and continue to storm our Enduro drive - unit line . As a effect , we are raising our production guidance for the year to 54,000 total units . We have also made further betterment in gainfulness per fomite , introduced the new Max pack variant with up to 410 miles of range , and roll out multiple over the aura updates to enhance the client experience . We delivered our 10,000th EDV to Amazon during the third quarter and today we ’re opening sales of the Rivian Commercial Van to new customers . This is an important step frontward in our mission as we look to avail businesses thin their carbon output and advance towards a carbon neutral macrocosm . ”
The party is still stacked with $ 9.1 billion in hard currency , cash equivalents and inadequate - term investment funds .
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Amazon exclusivity ends
Rivian also announce that it is no longer lock into anexclusive correspondence with Amazon , open up an opportunity for the company to sell its commercial caravan to other customer . Rivian still plans to stick by a deal to deliver 100,000 electric vans to Amazon , the EV maker said .
take on the demand is there and Rivian can go on to drive down price and boost product , this could help the company improve revenue .
Production progress
A twelvemonth ago , Rivian was mired in provision chain issues and inefficiency that drive up costs and hamstrung deliverance . But the company has made progression on multiple presence that have helped it boost output and continue to kick upstairs its forecast for the year . Rivian evoke its production steering to 50,000 betimes this twelvemonth and has labour it up doubly since then .
That figure , while more than doubly what it bring on in 2022 , is still far below the yearly capability of its Normal , Illinois mill . Rivian has said the Illinois manufacturing plant will be capable of produce 150,000 EVs p.a. when it ’s fully useable , with architectural plan to increase to 200,000 . There has been progress , however . Rivian noted that in the third - poop it reach annualized production rate of 65,000 vehicle .
Barriers to profitability
The price of building one Rivian vehicle continues to be a barrier to the fellowship ’s path toward profitability .
Rivian ’s consumer R1 T and R1S vehicle betray for more than $ 80,000 , on middling . But the cost of build far exceeds any revenue it bring . In the second quarter , for representative , the company fall behind $ 32,495 on every vehicle it built .
Rivian enounce it ’s pin down that per unit loss by $ 2,000 compared to the second quarter by simplifying its product portfolio and reducing cloth and labor price .
“ We expect to see continued benefit going onwards due to further betterment in R1 material cost per unit from the reduction in good toll , introduction of new technologies , and ongoing negotiated provider Mary Leontyne Price reductions , ” the companionship said in its Q3 shareholder letter .
