Rivian told shareholders that it ramped up production in its second quarter, boosting the number of electric vehicles coming off its line in Normal, Illinois, by 50 percent compared to the first quarter. Deliveries were up 60 percent.
In the first half of 2023, Rivian produced 23,387 vehicles, which it said matched the production volumes for full year 2022. It built 13,992 electric vehicles in the second quarter and delivered 12,640.
The company increased its full-year projection to 52,000 units produced.
Total revenues for the second quarter were $1.1 billion, which included $34 million from the sale of regulatory credits. Gross profit for the quarter was negative $412 million compared to negative $704 million for the second quarter of 2022. The company told shareholders that gross profit per delivered vehicle improved from negative $67,329 to negative $32,595.
“Gross profit improvement was primarily driven by ramping production and our continued efforts to drive material cost reductions through commercial negotiations and engineering design changes,” according to the company. “Furthermore, we forecast reaching positive gross profit in 2024.”
Source: Rivian
