Rivian, the American electric vehicle manufacturer, significantly boosted its sales in the second quarter of 2023.

Reportedly, the company produced 13,992 electric cars between April and June, 4,597 more than in the first quarter.

This achievement allowed the company to cut losses and raise its production forecast.

According to the quarterly report, Rivian recorded revenues of $1.1 billion in Q2, compared to $661 million in Q1 and $364 million in the same period in 2022.

Consequently, the company’s net loss was $1.2 billion in Q2 2023, as opposed to $1.3 billion in Q1 2023 and $1.7 billion in Q2 2022.

Notably, Rivian more than halved its loss per delivered vehicle from the first quarter to the second quarter of 2023, from $67,329 to $32,595.

On another note, it’s worth mentioning that, for the first time, Rivian produced more units of the R1S SUV than the R1T truck in the second quarter.

Rivian had initially started production of the electric truck R1T, which supposedly had higher demand.

Upcoming quarters will reveal if the smaller electric SUV, R1S, can outperform the R1T in the long run.

Rivian Raises Production Forecast

Rivian is slightly raising its 2023 production forecast from the previous 50,000 vehicles to the current 52,000.

In the first half of the year, Rivian manufactured 23,387 electric vehicles, which is about 28,600 units away from the annual target.

Therefore, on a quarterly basis, Rivian would need to produce 14,300 vehicles.

With 13,992 cars produced in just the second quarter, this goal seems attainable.

In the quarterly report, the company states, «Scaling our production is the primary lever on our path to profitability.»

And it adds, «The integration of our in-house propulsion units has played and will continue to play a critical role in improving our production ramp and cost structure.»

In Q1, the single motor variant was integrated into Amazon delivery vehicles, followed by the in-house dual-motor variant for the R1 models in Q2.

In an interview with Reuters, Rivian’s CEO, RJ Scaringe, sought to reassure investors.

Rivian’s CEO, RJ Scaringe.

The high competition, price wars ignited by Tesla, challenging supply chains, and consumer moderation related to inflation had put pressure on some new eMobility companies.

Even Lordstown Motors and Proterra have already filed for bankruptcy in the US.

Scaringe emphasized that his company was in a «much better position» financially. «The cash balance we have today takes us through 2025,» said Scaringe.

And he added, «We will be very thoughtful and intentional about how we secure additional capital to support the growth of the R2 program.» The R2 lineup offers smaller and more affordable electric cars, expected to debut in 2026.

However, the cash balance Scaringe referred to dropped by nearly $2 billion in Q2 to $9.26 billion.