In a recent earnings report, Rivian has once again surpassed market expectations in its Q3 2023 performance, building on its previous successes in the second quarter. The automaker not only exceeded Wall Street estimates but also raised its annual production guidance for the second time this year, underscoring its robust performance.
For the third quarter of 2023, Rivian reported revenues of $1.337 billion, surpassing the $1.31 billion estimated by analysts. This figure represented a notable 19.6% increase from the $1.12 billion in revenue achieved in Q2 and a substantial 150% growth compared to the $536 million reported in Q3 2022.
Rivian’s net loss for Q3 2023 stood at $942 million, once again outperforming analysts’ expectations of a $1.04 billion loss. These losses also showed improvement compared to the $1.307 billion loss reported in the same period last year. The automaker posted an adjusted EPS loss of $1.19, exceeding the anticipated loss of $1.33.
Bolstered by these better-than-expected results, Rivian has increased its annual production guidance to 54,000 vehicles. Initially, the company had set its sights on producing up to 50,000 vehicles in 2023, a number that was subsequently revised to 52,000 in Q2.
In the first nine months of the year, Rivian has already manufactured 39,691 vehicles, with a significant surge of 16,304 vehicles produced in the third quarter alone.
RJ Scaringe, the founder and CEO of Rivian, expressed optimism about the company’s performance, stating, “During the third quarter, we continued to see progress. We produced 16,304 vehicles during the third quarter and continue to ramp our Enduro drive-unit line. As a result, we are raising our production guidance for the year to 54,000 total units. We have also made further improvements in profitability per vehicle, introduced the new Max pack variant with up to 410 miles of range, and rolled out multiple over-the-air updates to enhance the customer 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 forward in our mission as we look to help businesses reduce their carbon output and advance toward a carbon-neutral world.”
