During today's Q2 earnings call, Rivian announced that we are increasing our 2023 production goal of 50,000 vehicles to 52,000 vehicles.
RJ was joined by CFO Claire McDonough and SVP of Software Development Wassym Bensaid to answer questions from stakeholders and highlight current progress across the business, with an emphasis on improved profitability and capital efficiency, material cost reductions, and ongoing expansion of our physical, digital and mobile footprint to continually improve our overall customer experience.
In addition to adding Dual-Motor to the R1 lineup and increasing our 2023 production guidance to 52,000 vehicles, highlights from the second quarter include:
23,387 vehicles produced in the first half of 2023
~50% increase in production vs. Q1 '23
~60% increase in deliveries vs. Q1 '23
~$35,000 gross profit per vehicle delivered improvement
2023 Adj.EBITDA guidance improved to $(4,200) million
2023 Capex guidance reduced to $1,700 million
“It was a strong quarter, and we remain focused on ramping production, driving cost efficiencies, developing future technologies, and creating an amazing customer experience.”
Read the full Q2 2023 Shareholder Letter here.
