Rivian Automotive Inc. saw its shares drop over 2% in the extended session on Tuesday following the announcement of a wider-than-expected quarterly loss. However, the company also reported an impressive increase in revenue and raised its production outlook.
In the second quarter, Rivian incurred a loss of $1.2 billion, or $1.89 per share, compared to a loss of $1.7 billion, or $1.88 per share, in the same period last year. Adjusted for one-time items, the adjusted loss per share was $1.62.
Despite the loss, Rivian experienced a surge in revenue, reaching $1.12 billion, surpassing analyst expectations.
“We have also seen strong progress in our cost-reduction efforts,” stated Rivian in a letter to shareholders that accompanied the financial results. The company remains committed to increasing production and implementing technologies aimed at reducing costs and enhancing the quality of its products.
Moreover, Rivian raised its 2023 production outlook to 52,000 vehicles, up from the previously projected 50,000 vehicles.
Last month, Rivian made headlines with its impressive second-quarter delivery figures, which nearly tripled compared to the previous year, as well as its production data, which more than tripled.
Rivian’s stock has performed remarkably well this year, boasting a 36% increase thus far, in contrast to the S&P 500 index’s advance of approximately 17%.
