Gross margins improved by 50% for the American EV maker in its best-ever quarter.
California-based Rivian, the maker of the R1S SUV, R1T pickup, and Amazon Electric Delivery Van , has raised the production guidance for this year after generating almost 70 percent more revenue in Q2 compared to Q1, according to the official letter sent to shareholders yesterday.now aims to produce 52,000 vehicles in 2023, 2,000 more than previously estimated, spurred by the 50 percent gross margin improvement and roughly 50 percent increase in production in the second quarter compared to Q1.
As a business unit, the California-based firm posted a net loss of $1.19 billion, down from $1.45 billion in the previous quarter and $1.71 billion in Q2 2022.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lucid's stock rises after EV maker keeps 2023 production guidance intactLucid Group Inc. shares initially rallied more than 6% in the extended session Monday after the luxury EV maker kept unchanged its 2023 production outlook despite weaker quarterly sales.
Read more »
Lucid Maintains Production Guidance Despite Underwhelming Q2 ResultsLucid Group announces its Q2 2023 financial results, stating that it will maintain its production goal for the year and expects stronger sales in the second half. Despite underwhelming Q2 results, Lucid remains confident due to reduced pricing and upcoming launches.
Read more »
Germany's Delivery Hero Raises Revenue Guidance for 2023, Reports H1 ProfitDelivery Hero, a German online takeaway food company, has increased its full-year revenue outlook after achieving a profit in the first half of the year due to accelerated growth. The company expects total segment revenue growth of approximately 15% for the fiscal year. Additionally, Delivery Hero's adjusted EBITDA swung to a profit in H1. As a result, the company's shares have risen by 5%.
Read more »
'Long path to profitability:' What analysts are saying about Rivian's second-quarter numbersAnalysts are optimistic about Rivian's second-quarter earnings, but acknowledge that the company still has a long way to go. Despite reporting a smaller-than-expected quarterly loss and raising its production guidance for 2023, analysts believe that Rivian will face challenges in achieving profitability. The stock is showing a 2.1% increase in premarket trading.
Read more »
Rivian owner shares his dislikes after one year of ownershipJerryRigEverything, an insider, highlights various issues he encountered with his Rivian R1T after a year of ownership, including water-filled doors and a plant growing in the undercarriage.
Read more »
Rivian owner shares dislikes about his truck, but still loves itA YouTuber highlights various issues with his Rivian R1T, such as water-filled doors and a plant growing in the undercarriage. Despite these problems, the owner still has a positive overall opinion of the vehicle.
Read more »