Rivian raised its production guidance for the second time this year and reported shrinking financial losses in the third quarter. Now, the Californian company aims to make 54,000 vehicles by the end of 2023, up from the previously adjusted goal of 52,000 EVs.
During Q3, Rivian manufactured 16,304 battery-powered vehicles, an increase of 121 percent compared to the same period last year and a new record for the marque.
The Irvine-based company also set a new record in terms of deliveries, shipping 15,564 units in Q3, an increase of 136 percent year-over-year. However, Rivian continues to burn cash and still hasn’t reached financial stability.
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At the end of the last quarter, the EV maker lost around $30,500 for every vehicle sold, down from the roughly $33,000 lost on every car in Q2 and over 50 percent less than the losses reported in the first quarter of this year. The gross profit per vehicle improved by about $2,000, thanks to the company’s continued efforts to make production more efficient and cut costs on the supplier side of things, as well as its stand on staying out of the EV price war.
As a whole, gross profits improved, too, but they’re still in the red, with a negative profit of $477 million in Q3, compared to a negative $917 million last year. Net loss reached $1.36 billion in the last quarter, up from $1.12 billion in Q2 but down from $1.7 billion in Q1. Compared to last year, the net loss in Q3 is down 26 percent.
At the end of the third quarter, Rivian had $9.13 billion in cash and equivalents, slightly down from $9.26 billion at the end of Q2.
In related news, the company ended its exclusivity deal with Amazon for its EDV, opening the doors for more customers around the world, but reiterated that it will fulfill the 100,000-unit order from the American e-commerce giant by 2030.
