Rivian beat Wall Street expectations in the third quarter. The EV automaker also increased its 2023 guidance after reporting its results in Q3.
Rivian produced 16,304 electric vehicles (EVs) at its manufacturing facility in Normal, Illinois, last quarter. It reported delivering approximately 15,564 R1T and R1S vehicles in the same period.
In its recently released Q3 2023 Shareholder Letter, Rivian increased its guidance for this year by 2,000 units to 54,000. The EV manufacturer reported reaching an annualized production rate of more than 65,000.
Rivian also reported a 2023 Adj. EBITDA guidance of $(4,000) million and a reduction in its 2023 Capex guidance to $1,100 million.
“Due to the progress experienced on our production lines, the ramp of our in-house motor line, and the supply chain outlook, we are increasing our 2023 production guidance to 54,000 total units. Our progress on cost management has also continued, and therefore, we are improving our Adj. EBITDA guidance to $(4,000) million. We are also lowering our capital expenditures guidance to $1,100 million,” stated Rivian.
The Illnois-based electric car maker also announced that its commercial van would be available to more companies. Initially, Rivian’s all-electric delivery van was made for Amazon, which ordered 100,000 units. As of the third quarter, Amazon has received 10,000 Rivian delivery vans. Amazon’s fully electric delivery vans run routes across the United States. One Rivian delivery van was released in Germany.
In its Shareholder Letter, Rivian also mentioned scaling its service infrastructure to improve customer experiences. The company is also working on improving its software offerings.
Rivian reported a $1.37 billion net loss in the third quarter despite the milestones it reached in the period. In 2022, the company reported a $1.72 billion loss during the third quarter, revealing some progress at Rivian.