Electric vehicle startup Rivian reported its Q2 2023 earnings results today, highlighting record EV deliveries for the quarter and improved financials as production ramps up.
The Irvine, California company delivered 6,954 vehicles in Q2, up 60% from 4,467 in Q1 2022. Revenue hit $364 million, up from $95 million last year. Rivian’s net loss also narrowed to $1.7 billion, down from $2 billion in Q1.
“Our team’s focus and drive is enabling steady ramp in production, quality, and deliveries,” said Rivian CEO RJ Scaringe. “We are confident in our ability to unlock the full potential of the Rivian brand.”
Rivian Boosts 2023 Production Target Following Q2 Momentum
Citing strong momentum in Q2 deliveries and improved production ramp, electric pickup maker Rivian has raised its 2023 production guidance by 2,000 vehicles to 52,000 units total.
“We have achieved meaningful reductions in both R1 and EDV vehicle unit cost across key components, including material costs, overhead and logistics,” said Rivian in a shareholder letter.
In Q2, Rivian delivered 6,954 vehicles, up 60% from Q1, also reduced its per-vehicle losses by $35,000 compared to last quarter. Rivian ended Q2 with $9.26 billion in cash reserves.
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Rivian Posts $1.7 Billion Q2 Loss But Notes Cost Improvements
Rivian reported a net loss of $1.7 billion in Q2 2023, though losses per vehicle improved by $35,000 over last quarter. The company cited progress on bringing manufacturing in-house and supply chain cost reductions.
Rivian delivered 6,954 vehicles in Q2, up from 4,344 in Q1. Revenue hit $364 million versus $95 million last year. The company says 70% of Q2 volumes were the R1S SUV.
“On a quarter-over-quarter basis, delivered vehicles grew around 60% while gross profit per vehicle improved by about $35,000” said Rivian CEO RJ Scaringe. “We remain focused on ramping production, driving cost efficiencies, and enhancing the customer experience”.
Rivian burned through $1.36 billion in cash in Q2 but ended with reserves of $9.26 billion. The company expects to meet its 50,000 unit 2023 target.