A better than expected 2Q for Rivian: Abdul Latif Jameel-backed EV startup Rivian Automotive reported a narrower-than-expected net loss for the second quarter of the year, its earnings release (pdf) showed on Tuesday. Its net loss narrowed to USD 1.2 bn in 2Q 2023, from USD 1.7 bn during the same quarter last year. The company reported an adjusted net loss per share of USD 1.08, better than Wall Street estimates of USD 1.43 a share for Rivian.

Robust revenues: Revenues were up 67.5% y-o-y bringing in USD 1.12 bn, up from USD 364 mn in the corresponding quarter last year. The boost came on the back of a rise in quarterly sales.

Solid production and deliveries: Rivian said it produced 13.9k vehicles and delivered 12.6k vehicles during the second quarter of the year, representing a 50% rise in production in comparison with the previous quarter. The increase was backed by the continued ramp of its in-house production of its Enduro motor line to support its commercial vehicle line as well as single motor variants and its dual-motor R1 variants.

How did they do it? Rivian took several steps earlier this year to cut expenditures and bolster its balance sheet. Those include a 6% cut in workforce in February and a USD 1.3 bn sale of convertible notes in March. It also postponed the rollout of its smaller R2 vehicle platform to 2026 instead of 2025.

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