Rivian Automotive (NASDAQ:RIVN) shares were positive in the first hour Wednesday. The car maker on Tuesday reported a loss for the second quarter that was narrower than expected and raised its production guidance for the full year.
It now expects to build about 52,000 vehicles in 2023, more than twice the number it made in 2022 and up from its previous production guidance of 50,000 vehicles.
Rivian delivered 12,640 vehicles during the second quarter, up 59% from its first-quarter total and well above the 4,467 EVs it delivered in the second quarter of 2022. It produced 13,992 vehicles in the quarter, up from 9,395 in the first quarter of 2023 and 4,401 in the second quarter of 2022.
Rivian’s net loss for the quarter was $1.2 billion, or $1.27 per share. A year ago, Rivian reported a net loss of $1.71 billion, or $1.89 per share. On an adjusted basis, Rivian reported a loss of $1.02 billion, or $1.08 per share.
Revenue in the second quarter rose to $1.12 billion from $364 million in the same period in 2022. Rivian’s second-quarter revenue included $34 million from the sale of regulatory credits.
Rivian reiterated that it expects to reach a positive gross profit sometime in 2024.
For the full year, Rivian now expects about $1.7 billion in capex, down from $2 billion in its prior guidance.
RIVN shares advanced 21 cents to $25.01.