Shares of Rivian Automotive Inc (NASDAQ:RIVN) were little changed in extended trading Tuesday after the EV producer beat expectations on the top and bottom lines and raised its production guidance.
The company reported revenue of $1.12 billion, above the $1 million consensus projected by analysts, along with a loss of $1.08 per share, compared to an expected $1.41 loss.
Meanwhile, Rivian’s production is ramping up The company delivered 12,640 EVs in the quarter, up 50% from the first quarter and above analyst expectations of about 11,000. Production has been lifted in part by a retooling of its electric delivery van (EDV) line to account for new Enduro drive units and LFP battery packs, the company said.
Additionally, gross margins improved by 50% in the quarter, with a loss of $32,595 per unit delivered compared to $67,329 loss in the first quarter and a $124,162 loss in the fourth quarter.
Looking ahead, Rivian raised its 2023 production guidance to 52,000 units from 50,000.
Shares of Rivian rose less than 0.1% to $24.81.
—A previous version of this story misstated Rivian's earnings—
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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