Rivian Accelerates Towards Profitability, Reports Strong Q2 Results
Electric vehicle manufacturer Rivian reported a narrower-than-expected loss in the second quarter and revised its production forecast for the year upwards. It anticipates building around 52,000 vehicles in 2023, over double the 2022 output and up from the prior estimate of 50,000 vehicles. In Q2, Rivian delivered 12,640 vehicles, a 59% increase from Q1 and a significant rise from the 4,467 EVs delivered in Q2 2022. The company's second-quarter revenue surged to $1.12 billion from $364 million in the same period the previous year. CEO RJ Scaringe attributed the positive results to cost efficiency measures and a focus on profitability, stating that the company remains committed to production growth and technological advancement. The firm has $10.2 billion in cash and $1.1 billion in credit lines as of the end of the quarter.
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00:00 It's Benzinga and here's what's on the block.
00:03 Electric vehicle manufacturer Rivian reported a narrower than expected loss in the second
00:06 quarter and revised its production forecast for the year upwards.
00:09 It anticipates building around 52,000 vehicles in 2023, over double the 2022 output and up
00:15 from the prior estimate of 50,000 vehicles.
00:18 In Q2, Rivian delivered 12,640 vehicles, a 59% increase from Q1 and a significant rise
00:24 from the 4,400 EVs delivered in Q2 of 2022.
00:28 The company's second quarter revenue surged to $1.12 billion from $364 million in the
00:32 same period the previous year.
00:34 CEO RJ Skarans attributed the positive results to cost efficiency measures and a focus on
00:39 profitability, stating that the company remains committed to production growth and technological
00:43 advancements.
00:44 For all things money, visit Benzinga.com.
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